TCREUR_Public/081020.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Monday, October 20, 2008, Vol. 9, No. 208

                            Headlines

A U S T R I A

CIRO LLC: Claims Registration Period Ends October 27
STIBO LLC: Claims Registration Period Ends October 27
THEODOR DUCHOSLAV & CO: Claims Registration Period Ends Nov. 4
THEODOR DUCHOSLAV: Claims Registration Period Ends November 4


B E L G I U M

PORTOLA PACKAGING: Court Confirms Pre-Packaged Plan


C Y P R U S

RESERVE INVEST: Moody's Lowers Currency Issuer Rating to B3


C Z E C H   R E P U B L I C

KARLOVARSKY PORCELAN: Granted Creditor Protection in Prague
SKLO VOHEMIA: Granted Creditor Protection in Prague


D E N M A R K

* Danish Guarantee Scheme Helps Provide Liquidity, Moody's Says


F R A N C E

ATARI INC: Seeks to Deregister Unsold Shares Following Merger
HERITAGE WORLD: 2008 Balance Sheet Upside Down


G E R M A N Y

ALCION GMBH: Claims Registration Period Ends October 28
ARES GMBH: Claims Registration Period Ends October 28
BEIERSDORFER LANDSCHAFTS: Claims Registration Ends October 28
BURGER HOCH: Claims Registration Period Ends October 28
CHIQUITA BRANDS: S&P Ratings Unmoved by Finding Firm Joined Cartel

DOLE FOOD: S&P Ratings Unmoved by EU Finding Firm Joined Cartel
FRESH DEL MONTE: S&P Ratings Unmoved by Finding Firm Joined Cartel
GIAB MBH: Claims Registration Period Ends October 24
GREENHOUSE GMBH: Claims Registration Period Ends October 24
HUMBOLDT PROJEKT: Claims Registration Period Ends October 24

KHANS GASTRO: Claims Registration Period Ends October 24
LEAR CORPORATION: Moody's Holds 'B2' Corp. Family Rating
VYSUAL GMBH: Creditors Meeting Slated for October 28

* GERMANY: Landesbank Poised to Use Billions of State Rescue Funds


I C E L A N D

* ICELAND: Multi-Billion Euro Loan Plea from Russia Under Review


I R E L A N D

TOYMASTER: Goes Into Voluntary Liquidation


K A Z A K H S T A N

BTA BANK: US Dept. of Agriculture Provides US$120 Million Loan
HB TEKNIK: Creditors Must File Claims by November 28
IRBIS-LTD LLP: Claims Deadline Slated for November 26
IRKAZ LLP: Claims Filing Period Ends November 28
MEREY-STROY-EK LLP: Creditors' Claims Due on November 28

PLUS ENGENEERING: Claims Registration Ends November 28
PROM TECH INDUSTRIYA: Creditors Must File Claims by November 28
VLADI-TRUST SK: Claims Deadline Slated for November 28
WOOD-BANK CO: Claims Filing Period Ends November 28


K Y R G Y Z S T A N

AQUA-NUR LLC: Creditors Must File Claims by November 14
FORTRESS INVESTMENT: Fights to Keep German Unit Afloat


N E T H E RL A N D S

ING GROEP: Inks Deal with Dutch Gov't to Strengthen Core Capital


P O R T U G A L

SOVEREIGN BANCORP: Banco Santander to Acquire Firm


R U S S I A

ALAPAYEVSKIY BOILER: Creditors Must File Claims by December 3
AVENUE OSTEUROPA: Moody's Puts B3 Rating on Review for Downgrade
BETON LLC: Creditors Must File Claims by December 2
OPIN JSC: Moody's Changes B1 Rating Outlook to Negative
LSR GROUP: Moody's Changes B1 Rating Outlook to Negative

MIRAX GROUP: Moody's Puts B2 CFR on Review for Possible Downgrade
MOSCOW INTEGRATED: S&P Assigns BB+/B Counterparty Credit Ratings
RENAISSANCE CAPITAL: Moody's Reviews Ratings for Poss. Downgrade
SERGEYEVSKIY COAL: Creditors Must File Claims by November 10
SISTEMA-HALS OJSC: Clarifies Speculation on Exposure to Crisis

SISTEMA-HALS: Moody's places Ba3 CFR on Review for Downgrade
UNECHSKIY VEGETABLE: Creditor Must File Claims by November 10
ZEM-STROY-TREST: Kaliningrad Bankruptcy Hearing Set December 1


S W E D E N

FORD MOTOR: Assures Clients of Auto Loans
FORD MOTOR: S&P Places Ratings on 9 Transactions Under Neg. Watch


S W I T Z E R L A N D

BAHSOUN INTERNATIONAL: Oct. 31 Set as Deadline to File Claims
BEROG HANDEL: Deadline to File Proofs of Claim Set Oct. 31
E. GEBISTORF JSC: Creditors Have Until Oct. 31 to File Claims
GENERAL MOTORS: Launches Auto Loan Initiative
GENERAL MOTORS: Appoints James Taylor as Hummer CEO

GENERAL MOTORS: Wants Merger Deal With Chrysler This Month
SIMPEX PHARMATECH: Proofs of Claim Filing Deadline is  Oct. 31
SP PRODUKTION: Creditors Must File Proofs of Claim by  Oct. 31
SWISS-MEMO MANAGEMENT: Creditors' Claims Due by Oct. 31


U K R A I N E

AVIRONT LLC: Creditors Must File Claims by October 22
BELON COMUNICATION: Creditors Must File Claims by October 22
TERLAND-AGRO LLC: Creditors Must File Claims by October 22
ENTERPRISE ABRIS: Creditors Must File Claims by October 22
FLORESENCE UKRAINE: Creditors Must File Claims by October 22

LIK CJSC: Creditors Must File Claims by October 22
LINEN FOREVER: Creditors Must File Claims by October 22
NAFTOGAZ: Bondholders' Meeting Set Oct. 28; Seeks Bond Waiver
NEWS-SERVICE LLC: Creditors Must File Claims by October 22
PRILADAVIA LLC: Creditors Must File Claims by October 22

REGION BUILDING: Creditors Must File Claims by October 22
VALMI-KIEV LLC: Creditors Must File Claims by October 22
YUKANT-COMPANY LLC: Creditors Must File Claims by October 22
YUZHNY LLC: Creditors Must File Claims by October 22
ZARIA OJSC: Creditors Must File Claims by October 22

* S&P Puts Ukrainian Banks' B+/B Credit Ratings on Negative Watch
* UKRAINE: President Must Trash Election to Get IMF's Assistance


U N I T E D   K I N G D O M

AMERICAN INT'L: Maurice Greenberg Wants to Change Gov't Loan Terms
AMERICAN INT'L: David Herzog Replaces Stephen Bensinger as CFO
AMERICAN INTERNATIONAL: Maurice Greenberg Discloses 10.36% Stake
ARTISAN MIDLANDS: Appoints Andrew Appleyard as Administrator
ASCALADE COMMS: Reports Status Update on Default Announcement

CESTRUM CONSERVATORIES: Taps Joint Administrators from PwC
LUXFER HOLDINGS: Moody's Changes Outlook from Stable to Negative
ORIENTAL FOOD: Calls in Joint Administrators from KPMG
QUEBECOR WORLD: Posts US$11.6MM Net Loss in Period Ended August 30
ROSEBYS GROUP: Closes 32 Retail Outlets; 173 Jobs Affected

SCOTTISH RE: S&P Retains Ratings Under Negative CreditWatch
SEA CONTAINER: To Forgive US$3 Million in Intercompany Receivables
TP ATHERSTONE: Brings in Joint Administrators from KPMG
TWO-WHEELS GMBH: Claims Registration Period Ends Oct. 22
VELLY MITTE: Claims Registration Period Ends October 24

VILLA KARLSBAD: Claims Registration Period Ends Oct. 24

* S&P Junks Ratings on 27 Lehman-Exposed European CDO Transactions
* KPMG Notes Effects of Market Turmoil on UK Transport Sector
* KPMG Notes Impact of Credit Crunch on Global Shipping Sector
* PwC Suggests Three-Point Approach to UK Pension Management

* BOND PRICING: For the Week Oct. 13 to Oct. 17, 2008


                         *********


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A U S T R I A
=============


CIRO LLC: Claims Registration Period Ends October 27
----------------------------------------------------
Creditors owed money by LLC Ciro (FN 265126t) have until Oct. 27,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Dr. Christof Herzog
         10.-Oktober Strasse 12
         9560 Feldkirchen
         Austria
         Tel: 04276/38 676
         Fax: 04276/38676-22
         E-mail: rechtsanwalt.herzog@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on Nov. 3, 2008, for the
examination of claims at:

         Land Court of Klagenfurt
         Meeting Room 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Himmelberg, Austria, the Debtor declared
bankruptcy on Oct. 2, 2008, (Bankr. Case No. 41 S 102/08k).


STIBO LLC: Claims Registration Period Ends October 27
-----------------------------------------------------
Creditors owed money by LLC Stibo (FN 66327s) have until Oct. 27,
2008, to file written proofs of claim to the court-appointed
estate administrator:

         Mag. Dieter Helbok
         Kirchplatz 11/1
         6973 Hoechst
         Austria
         Tel: 05578/77722
         Fax: 05578/77722-4
         E-mail: d.helbok@vol.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:20 a.m. on Nov. 6, 2008, for the
examination of claims at:

         The Land Court of Feldkirch
         Meeting Room 45
         First Floor
         Feldkirch
         Austria

Headquartered in Hoechst, Austria, the Debtor declared bankruptcy
on Sept. 30, 2008, (Bankr. Case No. 13 S 38/08f).


THEODOR DUCHOSLAV & CO: Claims Registration Period Ends Nov. 4
--------------------------------------------------------------
Creditors owed money by LLC Theodor Duchoslav & Co. KG have until
Nov. 4, 2008, to file written proofs of claim to the court-
appointed estate administrator:

         Ing. Mag. Peter Bubits
         Elisabethstrasse 2
         2340 Moedling
         Austria
         Tel.: 02236/42210, Fax: 02236/42210-25
         E-Mail: peter.bubits@bkb-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on Nov. 18, 2008, for the
examination of claims at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neudorf, Austria, the Debtor declared
bankruptcy on Sept. 8, 2008, (Bankr. Case No. 11 S 97/08p).


THEODOR DUCHOSLAV: Claims Registration Period Ends November 4
-------------------------------------------------------------
Creditors owed money by LLC Theodor Duchoslav have until [date],
to file written proofs of claim to the court-appointed estate
administrator:

         Ing. Mag. Peter Bubits
         Elisabethstrasse 2
         2340 Moedling
         Austria
         Tel.: 02236/42210, Fax: 02236/42210-25
         E-Mail: peter.bubits@bkb-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on Nov. 18, for the
examination of claims at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in [city], Austria, the Debtor declared bankruptcy
on Sept. 8, 2008, (Bankr. Case No. 11 S 99/08g).


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B E L G I U M
=============


PORTOLA PACKAGING: Court Confirms Pre-Packaged Plan
---------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware found that
Portola Packaging, Inc.'s second amended prepackaged plan of
reorganization had met the statutory requisites.  Accordingly, the
Court confirmed the Plan.

Confirmation of the pre-packaged plan followed Portola obtaining
an exit financing commitment from Wells Fargo Foothill, LLC and
Regiment Capital Special Situations Fund IV, LP for a US$66
million senior secured credit facility. Concurrently, Wayzata
Investment Partners LLC committed to provide up to US$30 million
in second-lien financing to refinance the existing second-lien
debt. Having obtained confirmation of its plan, Portola remains on
track with its current timetable to emerge from chapter 11 by the
end of October.

John LaBahn, Senior Vice President and Chief Financial Officer
said, "We continue to be very proud of what we have been able to
accomplish as we work to emerge with a significantly improved
capital structure.  This will allow us to complete our
restructuring and exit bankruptcy by the end of October."

Pursuant to the confirmed plan of reorganization, holders of
Portola˙s existing senior unsecured notes will receive 100% of the
common stock of reorganized Portola, and Wayzata will become
Portola˙s controlling shareholder upon Portola˙s emergence from
bankruptcy.  Through the court-assisted restructuring process,
Portola will have eliminated US$180 million in funded debt from
its balance sheet.  The plan of reorganization specifically
provides that Portola˙s relationships with customers and trade
creditors are not impaired.  Portola is pleased that it was able
to restructure its balance sheet without any impact upon its
relationships with its vendors and customers.

Portola President and CEO Brian Bauerbach added, "Our improved
balance sheet and reduced interest costs will enable us to better
serve our customers and improve our competitive position in the
packaging industry."

Portola filed the second amended plan and accompanying disclosure
statement on Oct. 10.  Since the filing of the original prepack
plan, Portola has filed plan supplements and amended exhibits to
plan supplements.

BankruptcyData says the amendments relate to the Debtors' second
lien term loan with Wayzata Investment Partners, rejected executor
contracts, unexpired leases and non-exclusive list of retained
causes of action and Debtors' officers and directors.

                    About Portola Packaging

Portola Packaging Inc. -- http://www.portpack.com/-- designs,
manufactures, and markets a full line of tamper-evident plastic
closures, bottles, and equipment for the beverage and food
industries, as well as plastic closures and containers for the
cosmetics industry.  The company and 6 of its debtor-affiliates
filed for Chapter 11 reorganization on Aug. 27, 2008 (Bankr. D.
Del. Lead Case No. 08-12001).  Edmon L. Morton, Esq., Robert S.
Brady, Esq., and Sean T. Greecher, Esq., at Young, Conaway,
Stargatt & Taylor, represent the Debtors as counsel.  When the
Debtors filed for protection from their creditors, they listed
assets of between US$50 million and US$100 million, and debts of
between US$100 million and US$500 million.  The company has
locations in China, Mexico and Belgium.


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C Y P R U S
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RESERVE INVEST: Moody's Lowers Currency Issuer Rating to B3
-----------------------------------------------------------
Moody's Investors Service downgraded to B3 from B1 the long-term
foreign currency issuer rating of Reserve Invest.  The rating
continues to be on review for possible downgrade.

According to Moody's, the downgrade reflects the significant
negative impact of the current market dislocation on RIC's
liquidity profile, its profitability and franchise prospects.

RIC's largest asset is a sizable stake in LUKoil ADRs, which the
firm uses to attract funding in the repo market, primarily with
Western counterparties.  As a result of the significant
dislocation in the credit markets in last several weeks,
compounded by the high volatility in LUKoil shares, RIC is likely
to face significant reduction in funding capacity.  While it does
have a modest free cash position as well as a significant amount
of unencumbered LUKoil shares, RIC remains vulnerable to continued
deterioration in its liquidity profile if counterparties decide to
further limit their exposure to RIC, LUKoil, or both.

Should conditions continue to worsen, RIC's only alternative
source of liquidity would be a cash infusion from its principal
shareholder, but Moody's does not consider this possibility of
support, which albeit might be likely can not be assessed with a
good degree of confidence.  However, Moody's recognizes that the
current shareholder support is significant.  RIC could also sell
LUKoil shares in the open market, but this would likely expose the
firm to substantial losses.

During the review period, Moody's will continue to monitor RIC's
liquidity position and any actions taken by management and owners
to strengthen its durability in what remains a very tenuous market
environment.

In September 2008, Moody's Investors Service placed a B1 long-term
foreign currency issuer rating on review for a possible downgrade.

RIC is a Cyprus-based financial company with total assets at end-
September 2008 of US$2.0 billion and equity of US$1.1 billion.
The company reported losses of about US$274 million during the
nine month of 2008.


===========================
C Z E C H   R E P U B L I C
===========================


KARLOVARSKY PORCELAN: Granted Creditor Protection in Prague
-----------------------------------------------------------
Karlovy Vary-based china producer Karlovarsky porcelan and
Svetlanad Sazavou-based glass maker Sklo Vohemia have been granted
protection from creditors by the Prague Municipal Court Tuesday
last week, CzechNews reports.  The two companies, part of Czech
glass manufacturer Bohemia Crystalex Trading, have been undergoing
insolvency proceedings since Sept. 22 following a shortage of
cash.

The court appointed the Pro-Konkurs as the insolvency
administrator for Karlovarsky porcelan, the report discloses.
The report adds creditors have 40 days to submit their claims.

According to the report, Karlovarsky porcelan's bank accounts have
been frozen and the 1,540 employees have received only 70% percent
of their wages.

                Karlovarsky Porcelan's Debts

A TCR-Europe report on Sept. 29, 2008, citing CTK, said
Karlovarsky porcelan is unable to pay its debts of more than
CZK600 million, CZK56.7 million of which are more than three
months overdue.

The report disclosed KP owes around CZK194 million to suppliers,
while its bank loans stood at about CZK415.4 million.

KP, which employs around 1,800 staff, has total assets of around
CZK795 million.  In 2007, the company reduced its loss from the
previous year by about CZK60 million to CZK82 million.  Its
revenues increased by 2.5% to about CZK948 million, the report
noted.


SKLO VOHEMIA: Granted Creditor Protection in Prague
---------------------------------------------------
Karlovy Vary-based china producer Karlovarsky porcelan and
Svetlanad Sazavou-based glass maker Sklo Vohemia have been granted
protection from creditors by the Prague Municipal Court Tuesday
last week, CzechNews reports.  The two companies, part of Czech
glass manufacturer Bohemia Crystalex Trading, have been undergoing
insolvency proceedings since Sept. 22 following a shortage of
cash.

The court appointed the Pro-Konkurs as the insolvency
administrator for Karlovarsky porcelan, the report discloses.
The report adds creditors have 40 days to submit their claims.

According to the report, Karlovarsky porcelan's bank accounts have
been frozen and the 1,540 employees have received only 70% percent
of their wages.

                Karlovarsky Porcelan's Debts

Citing CTK, a TCR-Europe report on Sept. 29, 2008, said
Karlovarsky porcelan is unable to pay its debts of more than
CZK600 million, CZK56.7 million of which are more than three
months overdue.

The report disclosed KP owes around CZK194 million to suppliers,
while its bank loans stood at about CZK415.4 million.

KP, which employs around 1,800 staff, has total assets of around
CZK795 million.  In 2007, the company reduced its loss from the
previous year by about CZK60 million to CZK82 million.  Its
revenues increased by 2.5% to about CZK948 million, the report
noted.


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D E N M A R K
=============


* Danish Guarantee Scheme Helps Provide Liquidity, Moody's Says
---------------------------------------------------------------
Moody's Investors Service said that the Danish guarantee scheme
that has been put in place by the Danish government together with
the Danish banking sector (Private Contingency Association) is
helpful in terms of providing liquidity and in restoring
confidence in the country's banking system.

The Danish guarantee scheme covers deposits in excess of the
existing Danish Guarantee Fund for Depositors and the claims of
senior unsecured creditors.  However, it does not cover creditors
whose claims are based on subordinate loan capital, hybrid core
capital or covered bonds.  "All the Danish commercial banks rated
by Moody's are members of the Private Contingency Association, and
are therefore covered," says Eeva Antila, Analyst for Danish banks
in Moody's Financial Institutions Group.  The guarantee scheme is
effective for a two-year period until September 30, 2010, implying
that any default on deposits and senior unsecured creditors during
that period is fully covered.

Moody's understands the main components of the guarantee scheme,
as stipulated under the Act on Financial Stability, to be as
follows:

   -- The guarantee scheme shall unconditionally
      guarantee the claims of depositors and unsecured
      senior creditors.

   -- The Danish government will establish a company
      dedicated to facilitating the winding-up process
      in case of an insolvency of a participating bank.
      The winding-up company shall ensure continuing
      operations of such a bank.

   -- The participating banks will cover the first-loss
      position in the winding-up company up to DKK35
      billion (EUR4.7 billion). This first-loss position
      consists of two annual guarantee commission payments
      of DKK7.5 billion (EUR1.0 billion) and a maximum
      unfunded liability under the guarantee of DKK20
      billion (EUR2.7 billion). The contributions of the
      respective member banks are calculated based on
      their capital base.

   -- The Danish government will cover any loss in excess
      of DKK35 billion and, at the termination of the
      guarantee scheme, it will be entitled to the residual
      amount remaining in the winding-up company, if any.

"Moody's notes that contributions related to the scheme will have
a negative impact on the banks' profitability for the two-year
period -- indeed, the annual guarantee commission payment of
DKK7.5 billion represents almost 20% of the 2007 aggregate pre-tax
profit of the Danish banking sector," explains Ms Antila.  The
participating banks are not allowed to distribute dividends during
the guarantee period, except foreign parent companies and under
certain conditions only.  In addition, certain limitations on the
banks' balance sheet growth have been put in place.

The rating agency comments that the Danish guarantee scheme is in
many respects different from the support mechanisms put in place
elsewhere in Europe.  In contrast to other schemes, the Danish
banking sector covers the first loss. Furthermore, the scheme does
not allow for capital support at this stage. It is only upon the
insolvency of a participating bank that capital support can be
made available to a bank acquiring such a distressed bank.

                     Impact on Ratings

"Moody's views the guarantee as being helpful from a liquidity
point of view as it should improve the ability of Danish banks to
raise funding in the capital markets at a time when there is a
lack of market confidence," says Ms. Antila.  However, given the
two-year term of the guarantee, it is unlikely to have positive
implications for the long-term ratings of the Moody's-rated Danish
banks.  These ratings already incorporate an uplift from the
banks' respective bank financial strength ratings (BFSRs),
reflecting the potential for systemic support.  Regarding the
short-term ratings, Moody's will analyze the terms of the
guarantee to determine whether short-term ratings would be
positively impacted.

While the guarantee scheme mitigates liquidity challenges in the
current difficult market environment, Moody's notes that rating
actions (positive or negative) will continue to be influenced by
underlying credit and franchise fundamentals, in line with Moody's
established bank rating methodology.  Moreover, any rating actions
that Moody's may undertake would anticipate franchise strength
following the termination of this support program.

                    Moody's Perspective

On October 8, 2008, Moody's released a Special Comment on its
approach towards incorporating government support for banking
systems into its ratings titled "Assessing the Rating Implications
for Banks of the Current Market Turmoil and Governmental
Interventions to Support Their Banking Systems" and on October 14,
2008, Moody's released another Special Comment on the coordinated
European response to the crisis titled "Actions by European
Sovereigns provide substantial de-risking for large European
banks".

The Moody's-rated Danish banks that are covered by the guarantee
scheme are as follows:

   -- Amagerbanken A/S -- rated A1/P-1/C (Negative outlook)

   -- Danske Bank A/S -- rated Aa1/P-1/B (Stable outlook)

   -- FIH Erhvervsbank A/S -- rated A2/P-1/C (Ratings under
                              review for possible downgrade)

   -- Fionia Bank A/S -- rated A1/P-1/C (Negative outlook)

   -- Foroya Banki P/F -- rated A3/P-2/C- (Stable outlook)

   -- Jyske Bank A/S -- rated Aa2/P-1/B- (Stable outlook)

   -- Nordea Bank Danmark A/S -- rated Aa1/P-1/B- (Stable outlook)

   -- Nykredit Bank A/S -- rated Aa3/P-1/C+ (Stable outlook)

   -- Ringkjobing Landbobank A/S -- A1/P-1/C+ (Stable outlook)

   -- Spar Nord Bank A/S -- rated A1/P-1/C (Stable outlook)

   -- Sydbank A/S -- rated Aa3/P-1/C+ (Stable outlook)


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F R A N C E
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ATARI INC: Seeks to Deregister Unsold Shares Following Merger
-------------------------------------------------------------
Atari Inc. has filed post-effective amendments to remove from
registration any securities of the company that remain unsold at
the termination of the offering subject to the registration
statements.

The company seeks to remove from registration:

  -- the Form S-8 Registration Statement (Registration No.
     333-33353) pertaining to the registration of 4,000,000
     shares of its common stock, par value US$0.01 per share,
     originally issuable pursuant to the GT Interactive Software
     Corp. 1997 Stock Incentive Plan was originally filed with
     the Securities and Exchange Commission on Aug. 11, 1997;

  -- the Form S-8 Registration Statement (Registration No.
     333-39353) pertaining to the registration of 741,727 shares
     of the Company's common stock, par value US$0.01 per share,
     originally issuable pursuant to the The Singletrac
     Entertainment Technologies, Inc. 1996 Equity Incentive Plan
     and the Singletrac 1997/98 Employee Bonus Plan was
     originally filed with the Securities and Exchange Commission
     on Nov. 3, 1997;

  -- the Form S-8 Registration Statement (Registration No.
     333-61197) pertaining to the registration of 4,000,000
     shares of the Company's common stock, par value US$0.01 per
     share, originally issuable pursuant to the GT Interactive
     Software Corp. 1997 Stock Incentive Plan was originally
     filed with the Securities and Exchange Commission on
     Aug. 11, 1998;

  -- The Form S-8 Registration Statement (Registration No.
     333-62271) pertaining to the registration of 1,000,000
     shares of the Company's common stock, par value US$0.01 per
     share, originally issuable pursuant to the GT Interactive
     Software Corp. 1998 Employee Stock Purchase Plan was
     originally filed with the Securities and Exchange Commission
     on Aug. 26, 1998;

  -- the Form S-8 Registration Statement (Registration No.
     333-54878) pertaining to the registration of 13,308,345
     shares of the Company's common stock, par value US$0.01 per
     share, originally issuable pursuant to the Infogrames, Inc.
     2000 Stock Incentive Plan was originally filed with the
     Securities and Exchange Commission on Feb. 2, 2001; and

  -- the Form S-8 Registration Statement (Registration No.
     333-88804) pertaining to the registration of 568,328 shares
     of the Company's common stock, par value US$0.01 per share,
     originally issuable pursuant to the Infogrames, Inc. 2000
     Stock Incentive Plan was originally filed with the
     Securities and Exchange Commission on May 22, 2002.

On Oct. 8, 2008, Infogrames Entertainment, S.A. completed its
acquisition of the company.  In connection with the Merger, the
company's shares of common stock, par value US$0.10 per share, are
no longer traded on the "Pink Sheets" or listed on any exchange or
quotation service.

On Oct. 8, 2008, pursuant to the terms of the Agreement and Plan
of Merger among Infogrames, Irata Acquisition Corp. and the
company, each outstanding share of Atari common stock, par value
US$0.10 per share, other than shares held by Infogrames and its
subsidiaries and shares held by Atari stockholders who are
entitled to and who properly exercise appraisal rights under
Delaware law, issued and outstanding immediately prior to the
effective time of the Merger was canceled and automatically
converted into the right to receive US$1.68 per share in cash,
without interest.

Upon the closing of the Merger, the company became a wholly owned
indirect subsidiary of Infogrames.

As a result of the merger, the company has terminated all
offerings of the Company's securities pursuant to certain existing
registration statements.

                         About Atari Inc.

New York City-based Atari Inc. is a publisher of video game
software that is distributed throughout the world and a
distributor of video game software in North America.  Most of the
products it publishes and distributes are games developed by or
for Infogrames Entertainment S.A., or IESA, a French corporation
listed on Euronext, which owns approximately 51% of its stock.

Atari has offices in Brazil, the United Kingdom and Japan.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on July 16, 2008,
J.H. Cohn LLP raised substantial doubt about Atari Inc.'s
ability to continue as a going concern after it audited the
company's financial statements for the year ended March 31, 2008.
The auditor pointed to the company's significant operating losses.


HERITAGE WORLD: 2008 Balance Sheet Upside Down
----------------------------------------------
New York-based Sherb & Co., LLP, raised substantial doubt about
the ability of Heritage Worldwide, Inc., to continue as a going
concern after it audited the company's financial statements for
the year ended June 30, 2008.  The auditor pointed to the
company's significant losses and working capital deficit.

The company posted a net loss of US$5.07 million on total revenues
of US$17.40 million for the year ended June 30, 2008, as compared
with a net loss of US$2.17 million on total revenues of US$15.42
million in the prior year.

At June 30, 2008, the company's cash amounted to US$0.28 million
and its working deficit amounted to US$3.38 million.

                   Management Statement

The company had a net loss during fiscal 2008.  Furthermore, the
company have two convertible promissory notes amounting to US$4.00
million maturing within one year.  One of the note holders has
indicated that they are not going to convert their promissory note
of US$3.00 million into shares of the company's stock.  Such
promissory note matures in March 2009.  These conditions raise
substantial doubt about its ability to continue as a going
concern.  In October 2008, the company expects to issue 750,000
shares of common stock to satisfy its obligations under
convertible debentures amounting to US$1.00 million.

As a result, the company's current operations are not an adequate
source of cash to fund future operations.  The company's ability
to continue as a going concern is dependent upon its ability to
obtain the necessary financing to meet its obligations and repay
its liabilities when they become due and to generate profitable
operations in the future.  The company plans to continue to
increase its revenues and provide for its capital requirements
through lines of credit, however, there are no firm commitments
from any third party to provide such revenues or financing and the
company cannot assure that it will be successful in obtaining such
commitments as needed.  Additionally, the company intend to
negotiate with certain creditors to extend the payment terms
and/or reduce the amount of its obligations to them.  There are no
assurances that the company will have sufficient funds to execute
its business plan, pay its obligations as they become due or
generate positive operating results.

             Liquidity and Capital Resources

During fiscal 2008, the company provided US$0.31 million in cash
flows from operating activities.  The company's cash provided by
operating activities was comprised of a net loss amounting to
US$5.00 million adjusted for:

  --   debt discount of US$0.44 million;

  --   depreciation and amortization of US$0.78 million;

  --   fair value of options of US$0.09 million;

  --   increased provision for doubtful accounts of US$0.70
       million; and

  --   increased provision for returns of US$0.11 million.

Additionally, the following variations in operating assets and
liabilities impacted the company's cash used in operating
activity:

  --   Decrease in accounts receivable of US$1.65 million due to
       larger collection efforts implemented in the second
       quarter of fiscal 2008; and

  --   Increase in inventory of US$0.21 million to meet the
       anticipated increase in demand of the company's products;

  --   Increase in prepaid assets and other current assets of
       US$0.31 million resulting from increased research tax
       credit receivable;

  --   Increase in accounts payable and accrued expenses of
       US$2.13 million due to higher provisions resulting from
       adverse adjustments from U.K. litigations.

During fiscal 2008, the company purchased property and equipment
in the amount of US$0.38 million.  During fiscal 2008, the company
financed its operations, investing activities and the principal
repayment of long-term debt of US$0.23 million and capitalized
lease obligations of US$0.29 million by securing financing of
around US$0.74 million in long-term debt and by increasing the use
of its lines of credit by US$0.11 million.

                     Balance Sheet

At June 30, 2008, the company's balance sheet showed US$17.19
million in total assets and US$17.46 in total liabilities,
resulting in a US$0.83 million stockholders' deficit.

The company's consolidated balance sheet at June 30, 2008, also
showed strained liquidity with US$12.78 million in total current
assets available to pay US$16.16 in total current liabilities.

A full-text copy of the company's 2008 annual report is available
for free at http://ResearchArchives.com/t/s?33db

                About Heritage Worldwide

Heritage Worldwide, Inc. (OTC BB: HWWI) manufactures and
distributes cosmetic implants including pre-filled breast and
other body implants, as well as body support products.  HWWI was
incorporated in the State of Delaware in 2001 with headquarters
and a production facility in the Toulon metropolitan area of
southern France, and a distribution facility in Spain.

HWWI products are sold directly and indirectly through independent
distributors and sales representatives to surgeons and clinics
outside the United States.  More than 68% of sales are derived
from international operations outside France, where main
operations are conducted.


=============
G E R M A N Y
=============


ALCION GMBH: Claims Registration Period Ends October 28
-------------------------------------------------------
Creditors of ALCION GmbH have until Oct. 28, 2008, to register
their claims with court-appointed insolvency manager Christopher
Seagon.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 9, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Christopher Seagon
         Blumenstr. 17
         69115 Heidelberg
         Germany
         Tel: (06 22 1) 91 18 0

The District Court of Karlsruhe opened bankruptcy proceedings
against ALCION GmbH on Sept. 11, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ALCION GmbH
         Attn: Reinhard Welker, Manager
         Haid-und-Neu-Str. 7
         76131 Karlsruhe
         Germany


ARES GMBH: Claims Registration Period Ends October 28
-----------------------------------------------------
Creditors of ARES GmbH have until Oct. 28, 2008, to register their
claims with court-appointed insolvency manager Ruediger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Nov. 25, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Halle (Saal)
         Hall 1.044
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ruediger Bauch
         Sternstrasse 13
         D 06108 Halle
         Germany
         Tel: 0345/5200111
         Fax: 0345/5200066

The District Court of Halle (Saal) opened bankruptcy proceedings
against ARES GmbH on Sept. 9, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ARES GmbH
         Delitzscher Strasse 9
         06112 Halle
         Germany

         Attn: Bodo Sommer, Manager
         Rosenstrasse 25
         06237 Leuna
         Germany


BEIERSDORFER LANDSCHAFTS: Claims Registration Ends October 28
-------------------------------------------------------------
Creditors of Beiersdorfer Landschafts- und Sportplatzbau GmbH have
until Oct. 28, 2008, to register their claims with court-appointed
insolvency manager Albert Wolff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Dec. 9, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Albert Wolff
         Am Schiesshaus 1-3
         01067 Dresden
         Germany
         Web site: http://www.worako.de

The District Court of Dresden opened bankruptcy proceedings
against Beiersdorfer Landschafts- und Sportplatzbau GmbH on Sept.
23, 2008.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Beiersdorfer Landschafts- und
         Sportplatzbau GmbH
         Streitfelder Strasse 2 a
         02708 Lawalde
         Germany

         Attn: Jens Hauptmann, Manager
         geboren 1965
         Am Sandberg 2
         02681 Kirschau
         Germany


BURGER HOCH: Claims Registration Period Ends October 28
-------------------------------------------------------
Creditors of Burger Hoch- und Geruestbau GmbH have until
Oct. 28, 2008, to register their claims with court-appointed
insolvency manager Dr. Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Nov. 18, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stendal
         Hall 112
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Lucas F. Floether
         Halberstadter Strasse 55
         39112 Magdeburg
         Germany
         Tel: 0391/5 55 68 40
         Fax: 0391/5 55 68 49

The District Court of Stendal opened bankruptcy proceedings
against Burger Hoch- und Geruestbau GmbH on Sept. 23, 2008.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Burger Hoch- und Geruestbau GmbH
         Attn: Gerald Bethge, Manager
         Kanalstrasse 14
         39288 Burg
         Germany


CHIQUITA BRANDS: S&P Ratings Unmoved by Finding Firm Joined Cartel
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Dole Food Co. Inc. (B-/Negative/--), Fresh Del Monte
Produce Inc. (BB-/Positive/--), and Chiquita Brands International
Inc. (B-/Stable/--) remain unchanged following the European
Commission's announcement that it has found that Chiquita, Dole,
and Internationale Fruchtimport Gesellschaft Weichert & Co KG,
participated in a cartel in Northern Europe between 2000 and 2002.
However, based on Chiquita's prior voluntary notification and
cooperation with the investigation, the EC granted the company
immunity from any fines related to the conduct, subject to
customary conditions.

The EC has imposed a fine of EUR45.6 million (about US$62 million)
on Dole and its German subsidiary, Dole Fresh Fruit Europe OHG.
Dole intends to appeal the EC decision and fine, so it is unclear
when, if any, payment will be made.  Although Dole must still
address a May 2009 maturity of US$350 million, S&P believes near-
term liquidity would be sufficient even if the company is not
successful in its appeal.  At June 14, 2008, Dole had US$166
million available under its US$350 million asset-based revolving
credit facility, and about US$77 million of cash.

In addition, Dole continues to pursue its asset sale program,
including its September 2008 announcement that it signed a binding
letter of intent to sell its flowers division, and signed a
definitive purchase and sale agreement to sell two ripening and
distribution companies in Europe.  Dole expects these pending
divestitures, along with the sale of additional agricultural land,
will result in net proceeds of about US$145 million.

The EC also imposed a EUR14.7 million (about US$20 million) fine
on Weichert, a company in which Fresh Del Monte indirectly held a
noncontrolling financial interest until December 2002.  Although
Weichert has been a subsidiary of Fyffes plc since January 2003,
the EC holds Fresh Del Monte jointly and severally liable for
Weichert's conduct as a result of this financial interest.  Upon
receipt of the EC's full decision, Fresh Del Monte will consider
its options, including an action for annulment in the European
Court of First Instance.

However, if Fresh Del Monte is not successful in some type of
reversal of this fine, S&P believes liquidity would be sufficient
and credit measures would not be materially impacted by payment of
this fine.  As of June 30, 2008, Fresh Del Monte had cash of about
US$34 million and US$277 million available under its US$600
million revolving credit facility.


DOLE FOOD: S&P Ratings Unmoved by EU Finding Firm Joined Cartel
---------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Dole Food Co. Inc. (B-/Negative/--), Fresh Del Monte
Produce Inc. (BB-/Positive/--), and Chiquita Brands International
Inc. (B-/Stable/--) remain unchanged following the European
Commission's announcement that it has found that Chiquita, Dole,
and Internationale Fruchtimport Gesellschaft Weichert & Co KG,
participated in a cartel in Northern Europe between 2000 and 2002.
However, based on Chiquita's prior voluntary notification and
cooperation with the investigation, the EC granted the company
immunity from any fines related to the conduct, subject to
customary conditions.

The EC has imposed a fine of EUR45.6 million (about US$62 million)
on Dole and its German subsidiary, Dole Fresh Fruit Europe OHG.
Dole intends to appeal the EC decision and fine, so it is unclear
when, if any, payment will be made.  Although Dole must still
address a May 2009 maturity of US$350 million, S&P believes near-
term liquidity would be sufficient even if the company is not
successful in its appeal.  At June 14, 2008, Dole had US$166
million available under its US$350 million asset-based revolving
credit facility, and about US$77 million of cash.

In addition, Dole continues to pursue its asset sale program,
including its September 2008 announcement that it signed a binding
letter of intent to sell its flowers division, and signed a
definitive purchase and sale agreement to sell two ripening and
distribution companies in Europe.  Dole expects these pending
divestitures, along with the sale of additional agricultural land,
will result in net proceeds of about US$145 million.

The EC also imposed a EUR14.7 million (about US$20 million) fine
on Weichert, a company in which Fresh Del Monte indirectly held a
noncontrolling financial interest until December 2002.  Although
Weichert has been a subsidiary of Fyffes plc since January 2003,
the EC holds Fresh Del Monte jointly and severally liable for
Weichert's conduct as a result of this financial interest.  Upon
receipt of the EC's full decision, Fresh Del Monte will consider
its options, including an action for annulment in the European
Court of First Instance.

However, if Fresh Del Monte is not successful in some type
of reversal of this fine, S&P believes liquidity would be
sufficient and credit measures would not be materially impacted by
payment of this fine.  As of June 30, 2008, Fresh Del Monte had
cash of about US$34 million and US$277 million available under its
US$600 million revolving credit facility.


FRESH DEL MONTE: S&P Ratings Unmoved by Finding Firm Joined Cartel
------------------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Dole Food Co. Inc. (B-/Negative/--), Fresh Del Monte
Produce Inc. (BB-/Positive/--), and Chiquita Brands International
Inc. (B-/Stable/--) remain unchanged following the European
Commission's announcement that it has found that Chiquita, Dole,
and Internationale Fruchtimport Gesellschaft Weichert & Co KG,
participated in a cartel in Northern Europe between 2000 and 2002.
However, based on Chiquita's prior voluntary notification and
cooperation with the investigation, the EC granted the company
immunity from any fines related to the conduct, subject to
customary conditions.

The EC has imposed a fine of EUR45.6 million (about US$62 million)
on Dole and its German subsidiary, Dole Fresh Fruit Europe OHG.
Dole intends to appeal the EC decision and fine, so it is unclear
when, if any, payment will be made.  Although Dole must still
address a May 2009 maturity of US$350 million, S&P believes near-
term liquidity would be sufficient even if the company is not
successful in its appeal.  At June 14, 2008, Dole had US$166
million available under its US$350 million asset-based revolving
credit facility, and about US$77 million of cash.

In addition, Dole continues to pursue its asset sale program,
including its September 2008 announcement that it signed a binding
letter of intent to sell its flowers division, and signed a
definitive purchase and sale agreement to sell two ripening and
distribution companies in Europe.  Dole expects these pending
divestitures, along with the sale of additional agricultural land,
will result in net proceeds of about US$145 million.

The EC also imposed a EUR14.7 million (about US$20 million) fine
on Weichert, a company in which Fresh Del Monte indirectly held a
noncontrolling financial interest until December 2002.  Although
Weichert has been a subsidiary of Fyffes plc since January 2003,
the EC holds Fresh Del Monte jointly and severally liable for
Weichert's conduct as a result of this financial interest.  Upon
receipt of the EC's full decision, Fresh Del Monte will consider
its options, including an action for annulment in the European
Court of First Instance.

However, if Fresh Del Monte is not successful in some type of
reversal of this fine, S&P believes liquidity would be sufficient
and credit measures would not be materially impacted by payment of
this fine.  As of June 30, 2008, Fresh Del Monte had cash of about
US$34 million and US$277 million available under its US$600
million revolving credit facility.


GIAB MBH: Claims Registration Period Ends October 24
----------------------------------------------------
Creditors of Giab mbH have until Oct. 24, 2008, to register their
claims with court-appointed insolvency manager Dr. Martin
Moderegger.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on Nov. 24, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Martin Moderegger
         Am Drosselberg 45
         99097 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings against
Giab mbH on Sept. 22, 2008.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Giab mbH
         Clara-Zetkin-Strasse 40
         99099 Erfurt
         Germany


GREENHOUSE GMBH: Claims Registration Period Ends October 24
-----------------------------------------------------------
Creditors of Greenhouse GmbH have until Oct. 24, 2008, to register
their claims with court-appointed insolvency manager Dr. Jochen
Zaremba.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Nov. 10, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Amberg
         Room 115
         Meeting Hall V
         First Stock
         Baustadelgasse 1
         Amberg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Jochen Zaremba
         Waisenhausgasse 3-4
         92224 Amberg
         Germany
         Tel: 09621/91 100
         Fax: 09621/91 10 22

The District Court of Amberg opened bankruptcy proceedings against
Greenhouse GmbH on Sept. 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Greenhouse GmbH
         Rosenthalstrasse 12
         92224 Amberg
         Germany


HUMBOLDT PROJEKT: Claims Registration Period Ends October 24
------------------------------------------------------------
Creditors of Humboldt Projekt GmbH have until Oct. 24, 2008, to
register their claims with court-appointed insolvency manager
Herbert Duerkop.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on Nov. 19, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Herbert Duerkop
         Neuer Wall 86
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Humboldt Projekt GmbH on Sept. 1, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Humboldt Projekt GmbH
         Beim Gruenen Jager 21
         22359 Hamburg
         Germany


KHANS GASTRO: Claims Registration Period Ends October 24
--------------------------------------------------------
Creditors of Khans Gastro GmbH have until Oct. 24, 2008, to
register their claims with court-appointed insolvency manager Dr.
Ekkehard Padeck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on Nov. 24, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Ekkehard Padeck
         Friedrich-Ebert-Platz 2
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings against
Khans Gastro GmbH on Sept. 23, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Khans Gastro GmbH
         Heinitzstr. 45
         58097 Hagen
         Germany


LEAR CORPORATION: Moody's Holds 'B2' Corp. Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family and
probability of default ratings of Lear Corporation, but lowered
the company's Speculative Grade Liquidity Rating to SGL-3 from
SGL-2.  In a related action, Lear's outlook was changed to
negative.

The rating action is based on the company's recent announcement
that it has further lowered its 2008 earnings guidance as a result
of deteriorating and volatile industry and general economic
conditions.  Lear reduced its full-year 2008 sales outlook from
US$15 billion to approximately US$14 billion and now sees its core
operating earnings down approximately 20% from its previous
guidance of US$550 million to US$600 million issued on July 29,
2008.

While Lear continues to anticipate free cash flow to be positive,
Moody's believes it will be meaningfully lower than the
US$150 million expectation in the company's previous guidance.
Moody's expects the weakening automotive production environment to
adversely impact Lear's operating metrics and could constrain the
magnitude of cushion under the financial covenants in the
company's bank credit facility over the next twelve months.

The negative outlook considers that while the company currently
maintains good credit metrics for the assigned rating, these
metrics will likely moderate due to the severe erosion in industry
fundamentals over the near-term.  Lear's revised guidance reflects
declining North American vehicle sales and production, the shift
in product mix to smaller passenger vehicles in the U.S., and the
lower automotive OEM production in Europe.

The outlook also considers that while Lear has successfully
implemented restructuring programs in the past, the current
industry environment continues to evolve, posing additional
execution risk.

Developments that could lead to a stabilized outlook include
stabilization of industry conditions, OEM market shares in North
America, and restructuring actions at Lear, resulting in margins
which would result in debt/EBITDA sustained below 4.5 times, or
EBIT/Interest coverage sustained at 2 times.

Developments that could lead to lower ratings include recurring
negative free cash flow, deterioration in margins leading to
debt/EBITDA sustained above 6 times, or EBIT/Interest coverage
sustained below 1.3 times.

Lear's Speculative Grade Liquidity rating of SGL-3 indicates
adequate liquidity over the next twelve months.  At June 30, 2008,
Lear's principal liquidity sources included cash balances of
approximately US$624 million, with about one-third of this is
located domestically, and about another one-third is available
internationally.  Moody's expects Lear's ability to generate
positive free cash flow over the next twelve months to be
challenged by the current industry environment.

The company's liquidity profile includes a Euro 315 million
factoring facility which expires in April 2011 and a US$1.29
billion revolving credit facility.  Approximately US$822 million
of the revolving credit facility matures in January 2012; while
approximately US$468 million is due in March 2010.  These
facilities were undrawn at June 30, 2008 with US$61 million of
letters of credit outstanding.  Lear currently has ample room
under the credit facility's covenants with leverage and interest
ratios of 2.1 times and 4.8 times compared to the covenant
thresholds of 3.5 times and 2.75 times, respectively.

However, the combination of current industry OEM production
pressures, which are expected to continue into 2009, and the
tightening of these covenants over the near-term are expected to
reduce the company's current covenant cushions.  The bank debt is
secured by the capital stock of all the company's domestic
subsidiaries and a portion of the first tier foreign subsidiaries,
and certain domestic assets subject to the 10% lien limitation
within the company's bond indentures, above these levels
collateral must be shared with the bonds.  Alternate liquidity is
further limited by the terms of the bank debt.

Ratings Lowered:

-- Speculative Grade Liquidity Rating, to SGL-3 from SGL-2

Ratings Affirmed:

-- Corporate Family Rating, B2
-- Probability of Default, B2
-- Senior Secured Term Loan, B1 (LGD3, 42%)
-- Senior Unsecured Notes, B3 (LGD4, 58%)

Lear Corporation, headquartered in Southfield, Michigan, is
focused on providing complete seat systems, electrical
distribution systems and various electronic products to major
automotive manufacturers across the world.  The company had
revenue of US$16.0 billion in 2007 and employed approximately
91,000 employees in 34 countries.  Following the disposition of
its interior business, Lear expects its ongoing revenues to
approximate US$14.0 billion.


VYSUAL GMBH: Creditors Meeting Slated for October 28
----------------------------------------------------
The court-appointed insolvency manager for VYSUAL GmbH, Stefan
Schacht, will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 9:00 a.m. on Oct. 28, 2008.

The meeting of creditors and other interested parties will be held
at:

         The District Court of Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:35 a.m. on Feb. 17, 2008, at the same venue.

Creditors have until Dec. 18, 2008, to register their claims with
the court-appointed insolvency manager.

The insolvency manager can be reached at:

         Stefan Schacht
         Oranienburger Str. 4-5
         10178 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings
against VYSUAL GmbH on Sept. 26, 2008. Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         VYSUAL GmbH
         Moeckernstr. 68
         10965 Berlin
         Germany


* GERMANY: Landesbank Poised to Use Billions of State Rescue Funds
------------------------------------------------------------------
The Wall Street Journal, citing interviews published on the Web
sites of two German newspapers, reports that Bavarian Finance
Minister Erwin Huber signaled Bayerische Landesbank aka BayernLB
was leaning toward requesting "billions" of euros in government
help in the coming days.  The global financial crisis has "heavily
affected" BayernLB, Sueddeutsche Zeitung quoted Mr. Huber, who is
also the bank's nonexecutive chairman, as saying.

A request for help by BayernLB, which has about EUR400 billion in
assets, wouldn't represent a surprise, the Journal writes.  The
bank has written down more than EUR4 billion on the value of
investments since last year, and a spokesman confirmed last week
that it needed capital.  It also has said it is exploring a
possible merger with another bank or bringing a private investor
aboard.

Mr. Huber's reported comments Sunday in Sueddeutsche Zeitung and
Bild represent the most concrete indication yet of a bank
preparing to draw from the German government's EUR500 billion bank
rescue fund, the Journal notes.  The bailout package was approved
Friday by German lawmakers in a bid to restore confidence in the
country's financial sector.

The fund, the Journal relates, includes EUR400 billion in bank
guarantees, EUR80 billion in fresh capital and EUR20 billion in
loss provisions.  Banks that draw from government funds will have
to make concessions, including possible curbs on executive pay.
Final details were expected to be hammered out during a meeting of
Chancellor Angela Merkel's cabinet today, October 20.

A BayernLB spokesman declined Sunday to comment on whether it was
planning to tap the bailout fund, according to the Journal.
Attempts to reach Mr. Huber and his aides were unsuccessful.  A
spokesman for Germany's finance ministry said the government had
not yet received any formal requests for funding under the new
rescue package.

Meanwhile, the Journal relates that Deutsche Bank AG, Germany's
largest bank by assets, said over the weekend it didn't plan to
tap the government for financial assistance but other banks have
said they will study the package.  Executives from the country's
state-owned regional lenders, or Landesbanken, were planning to
meet Monday to craft a common response, according to a person
familiar with the matter.

                           *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 16,
2008, Moody's Investors Service commented Tuesday, October 14, on
the German government's announcement of a EUR480 billion support
package for the German banking sector, including key parameters
for specific measures to bolster the banking system.  Moody's
views government's proposals as positive in the current
environment and confirms that it does not anticipate wholesale
rating changes in the sector.

              Banking System Outlook - Negative

Moody's says that the overall outlook for the German Banking
System remains negative, reflecting the rating agency's
expectations for the fundamental credit conditions in the German
banking system over the next 12 to 18 months (please refer to the
Banking System Outlook published in April 2008).  Even though
Germany still enjoys macro economic parameters superior to those
of other EU nations -- in particular low household indebtedness
and comparatively stable residential and commercial real estate
markets -- the overall economic situation shows strong signs of a
slow-down.  As this will likely adversely affect German's export-
driven economy, Moody's expects that banks will suffer from lower
revenue growth as well as higher risk charges over the next few
years.

Moody's notes, however, that the high senior unsecured ratings it
assigns to most German banks remain underscored by multiple
support layers, which -- apart from the proven systemic support --
include strong mutual- or co-operative support and regional- or
local government support for many banks.  All these mechanisms
continue to bolster the stability of the German banking system in
times of market distress.


=============
I C E L A N D
=============


* ICELAND: Multi-Billion Euro Loan Plea from Russia Under Review
----------------------------------------------------------------
Reuters says that Russia is currently studying Iceland's multi-
billion euro loan request.  Talks in Moscow ended with Russia
agreeing to consider the request for a loan which the North
Atlantic island initially put at EUR4 billion (US$5.45 billion).
No date was set for a new round of discussions, Reuters reports.

In a previous report, Reuters said that Icelandic officials were
in Moscow last Tuesday, October 14, for talks on an emergency loan
that could be worth billions of euros, the country's latest
attempt to raise cash to help save its economy from collapse.

Iceland, according to the report, has tapped the International
Monetary Fund for financing to help ease the crisis.  Some
ministers have raised the possibility of membership of the
European Union, long resisted by its fishing sector, to safeguard
the economy.

"We are working thoroughly on the issue to take a final decision,"
Reuters quotes Russian Deputy Finance Minister Dmitry Pankin as
saying.

Russian officials, according to Reuters, said they are looking on
the loan request favorably.

As reported by the Troubled Company Reporter-Europe on Oct. 14,
2008, over the past two weeks, economic developments took a sharp
turn for the worse in Iceland.  The country's three main
commercial banks, Glitnir, Landsbanki and Kaupthing, collapsed
owing to the financial storm now raging in international markets
and the government has resorted to exceptional measures to
stabilize the situation.

The Icelandic population, the TCR continued, has been seriously
affected.  Unemployment is expected to rise significantly.
Inflation is already in double digits and will continue to rise in
the short term.  Icelandic pension funds have lost millions of
dollars following the collapse of the three commercial banks.
Thousands of Icelanders have lost a considerable part of their
life-savings.

The TCR added that the three banks were taken over by the
Icelandic Financial Supervisory Authority under the provisions of
the Act on the Depositors' and Investors' Guarantee Fund on
Oct. 6, 2008.  The purpose of the Act was to maintain an orderly
operation of the banking system and to strengthen the position of
depositors by giving them priority when allocating assets.

Meanwhile, Signs on San Diego relates that Iceland's stock
exchange plummeted more than 70% on October 14, when it resumed
trading after a 3-day break, though the index later recouped
almost all those losses.  Officials said the plunge was a
statistical anomaly caused by the ongoing suspension in trading of
financial firms.

Nasdaq OMX Iceland, according to Signs on San Diego, had halted
equities trading for three days in a bid to prevent large declines
on the exchange after a turbulent week in the Nordic island
nation, where the government has taken control of the country's
three major banks.


=============
I R E L A N D
=============


TOYMASTER: Goes Into Voluntary Liquidation
------------------------------------------
Toymaster has gone into voluntary liquidation.  Mr. Tom Clifford,
the owner, blames economic slowdown and intense competition for
its closure, wexfordpeople.ie reports.

Mr. Clifford said,"Basically, over the past 12 or 18 months,
business went on a downward spiral.  Summer trade was down 50 per
cent...” adding that “It was more to do with the economic times
and increased competition."

According to the report, most of the debts accrued by the company
are owed to toy companies and remaining stock will be sold by the
liquidator to offset the deficit.

The report relates customers who had paid deposits on Christmas
toy orders have been contacted and had their money refunded.

Toymaster is a Wexford toy store.


===================
K A Z A K H S T A N
===================


BTA BANK: US Dept. of Agriculture Provides US$120 Million Loan
--------------------------------------------------------------
The United States Department of Agriculture has increased its
direct loan facility extended to Kazakhstan-based BTA Bank JSC to
US$120 million from US$55 million.

The borrowed funds will be directed to finance supplies of U.S.
agricultural products to Kazakhstan within GSM-102 program.

BTA Bank has been vigorously applying these funds for its clients
who import U.S. goods specified in the program, while issuing 3-
year loans to importers.  These guarantees allow for a
considerable cut in loan costs due to beneficial refinancing of
BTA Bank’s liabilities by U.S. banks.

This borrowing is a vital injection at this time when the cost of
financing has risen not only for Kazakhstan's banks but also for
Western financial institutions.  The involvement in this program
conforms fully to BTA strategy, where support to SMEs is a notable
line of activities.

This more than a 2-fold increase of BTA credit facility amid the
global financial turmoil evidences a sound image of the Bank as a
borrower both among investors and Western state-owned
institutions.

                            GSM-102

GSM-102 is the Export Credit Guarantee Program of USDA's Commodity
Credit Corporation designed to bolster food and agricultural
exports to Kazakhstan and other Eurasian countries.  GSM-102
underwrites credit extended by the private banking sector in the
United States to approved foreign banks.  JSC BTA Bank is a major
banking institution in the CIS and the region's expansion leader.

                        About BTA Bank

Headquartered in Almaty, Kazakhstan, JSC BTA Bank --
http://bta.kz/en -- is among the biggest banks and leader in
creation of banking network in CIS.

BTA operating in the CIS and far-abroad countries is expanding
into the CIS countries.  Activities of its strategic bank
partners cover Ukraine, 4 regions in Russia, Belarus, Georgia,
Armenia, Kyrgyzstan and Turkey.  BTA runs its representative
offices in Russia, Ukraine, China and the United Arab Emirates.

In Kazakhstan, BTA's network consists of 22 branches and 256
cash settlement units.

                          *     *     *

Bank TuranAlem carries a BB+ long-term foreign currency IDR
from Fitch with a stable outlook.

The company also carries Ba1 foreign currency subordinate debt
ratings, Ba2 foreign currency junior subordinate debt rating and
a D- bank financial strength rating from Moody's Investors
Service.


HB TEKNIK: Creditors Must File Claims by November 28
----------------------------------------------------
LLP HB Teknik Technoproject Kazakhstan has declared liquidation.
Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         LLP HB Teknik Technoproject Kazakhstan
         Office 207
         Dostyk ave. 105
         Almaty
         Kazakhstan


IRBIS-LTD LLP: Claims Deadline Slated for November 26
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
has declared LLP Irbis-Ltd. insolvent.

Creditors have until Nov. 26, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Frunze Str. 52-52
         Zyryanovsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (7233) 56-03-83
              8 (7233) 54-01-07


IRKAZ LLP: Claims Filing Period Ends November 28
------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP IRKAZ insolvent.

Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (7252) 53-48-34
              8 (7252) 54-02-36


MEREY-STROY-EK LLP: Creditors' Claims Due on November 28
--------------------------------------------------------
LLP Construction Company Merey-Stroy-Ek has declared  liquidation.
Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         LLP Construction Company Merey-Stroy-Ek
         Geologicheskaya Str. 207
         Ekibastuz
         141200, Pavlodar
         Kazakhstan


PLUS ENGENEERING: Claims Registration Ends November 28
------------------------------------------------------
LLP Plus Engeneering has declared liquidation.  Creditors have
until Nov. 28, 2008, to submit written proofs of claims to:

         LLP Plus Engeneering
         Panfilov Str. 83-48
         Almaty
         Kazakhstan


PROM TECH INDUSTRIYA: Creditors Must File Claims by November 28
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South Kazakhstan
has declared LLP Prom Tech Industriya insolvent.

Creditors have until Nov. 28, 2008, to submit written proofs of
claims to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan
         Tel: 8 (7252) 53-48-34
              8 (7252) 54-02-36


VLADI-TRUST SK: Claims Deadline Slated for November 28
------------------------------------------------------
The Specialized Inter-Regional Economic Court of North Kazakhstan
has declared LLP Vladi-Trust SK insolvent.

Creditors have until Nov. 28, 2008, Nov. 28, 2008, to submit
written proofs of claims to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan
         Jumabayev Str. 109-415
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


WOOD-BANK CO: Claims Filing Period Ends November 28
---------------------------------------------------
LLP Wood-Bank Co. Ltd. has declared liquidation.  Creditors have
until Nov. 28, 2008, to submit written proofs of claims to:

         LLP Wood-Bank Co. Ltd.
         Gogol-Kaldayakov Str. 35/23
         Almaty
         Kazakhstan
         Tel: 8 (7272) 34-23-36


===================
K Y R G Y Z S T A N
===================


AQUA-NUR LLC: Creditors Must File Claims by November 14
-------------------------------------------------------
LLC Aqua-Nur has shut down.  Creditors have until Nov. 14, 2008,
to submit written proofs of claim to:

         LLC Aqua-Nur
         Tynystanov Str. 189a
         Bishkek
         Kyrgyzstan


FORTRESS INVESTMENT: Fights to Keep German Unit Afloat
------------------------------------------------------
Fortress Investment Group LLC is taking action to keep two of its
companies afloat, including its German residential real estate
group, Gagfah S.A., that is seeking to raise additional equity to
comply with its debt terms, Reuters reports, citing The Financial
Times.

Fortress is also struggling to preserve the value of its
investments in Intrawest, a ski resort company based in Canada
that has US$1.68 billion in debt due on October 23, Reuters
writes.

People familiar with Fortress told The Financial Times there is a
low probability Intrawest will file for Chapter 11 bankruptcy
protection, Reuters states.  According to Reuters, the paper
quoted a portion of a letter sent to investors on October 3 which
said, "We are engaged in constructive discussions with the balance
of the lending group."

New York-based Fortress controls Intrawest via a US$1.37 billion
equity stake.  With Intrawest's debt trading at less than 70 cents
on the dollar, Fortress has approached potential and existing
lenders to discuss a refinancing involving US$1.4 billion in
senior debt, the Financial Times reported, Reuters relates.  It is
putting in an additional US$100 million of capital to preserve its
equity's value, but talks will be tricky since any member of the
lending group can veto a deal, the paper said.

                  About Fortress Investment Group

Fortress Investment Group LLC, founded in 1998, is a global
alternative asset manager that raises, invests and manages private
equity funds, hedge funds and publicly traded alternative
investment vehicles.  Fortress earns management fees based on the
size of its funds, incentive income based on the performance of
the company's funds, and investment income from Fortress'
principal investments in those funds.  Its offering of alternative
investment products includes private equity funds and hedge funds.
The company refers to these investment products, collectively, as
the Fortress Funds.  As of Dec. 31, 2007, the company managed
about US$33.2 billion of alternative assets in two core
businesses: private equity funds and hedge funds.

                         About Gagfah S.A.

Gagfah S.A. -- http://www.gagfah.com/-- was founded in Luxembourg
in July 2005 and, together with its affiliates, owns the GAGFAH
GmbH Group, the NILEG GmbH Group, Acquisition 1 and the WOBA GmbH
Group.  Its core business is the acquisition, ownership and
management of a geographically diversified and well maintained
residential property portfolio throughout Germany.

In September 2004, funds managed by Fortress Investment acquired
the GAGFAH GmbH Group, which, as of June 30, 2006, owned 76,488
residential units, through two intermediate holding companies
incorporated in the Republic of Ireland.

With a portfolio of approximately 175,000 apartments located
throughout Germany, the company is one of the largest privately
held residential property owners and operators in Germany and we
will become the largest listed residential property company in
Germany upon completion of the offering.


====================
N E T H E RL A N D S
====================


ING GROEP: Inks Deal with Dutch Gov't to Strengthen Core Capital
----------------------------------------------------------------
ING Groep N.V. to issue EUR10 billion of core Tier-1 securities to
Dutch State Transaction boosts Bank core Tier-1 ratio to 8%,
strengthens Insurance balance sheet and reduces Group Debt/Equity
ratio to 10%  Core capital issue is non-dilutive to outstanding
share capital ING to pass over final dividend for 2008

ING announced yesterday that it has reached an agreement with the
Dutch government to strengthen its capital position, creating a
strong buffer to navigate the current market and economic
environment.  ING will issue non-voting core Tier-1 securities for
a total consideration of EUR10 billion to the Dutch State.  The
transaction will bring ING Bank's core Tier-1 ratio to around 8%,
will strengthen the insurance balance sheet and will reduce ING
Group's Debt/Equity ratio to around 10%.

The strengthening of ING's capital follows the plans the Dutch
government announced on October 9 to make capital available to
financial enterprises that are fundamentally sound and viable. ING
appreciates the measures the Dutch government is taking to boost
confidence and stability in the Dutch financial system.

"Our capital position was in line with previously targeted levels
and regulatory requirements.  However, market conditions have
changed dramatically in recent weeks and have led to an
internationally recognized belief that going forward, in this
market environment, capital requirements for financial
institutions should be higher," Michel Tilmant, CEO of ING, said.
"We feel that at this time it is prudent to raise our core capital
to reinforce our strong competitive position in this changing
landscape.

"This transaction does not dilute our existing shareholders while
providing additional security to our 85 million customers. It
reinforces our commitment to our strategy, management of our
business portfolio and disciplined approach towards risk and
capital management.  ING will continue to build its franchise in
the long-term interests of all stakeholders," added Michel
Tilmant.

                       Financial Details

ING will issue 1 billion non-voting core Tier-1 securities to the
Dutch State at a price of EUR10 per security.  The Dutch Central
Bank classifies the securities as core tier-1 capital. The
securities are pari passu with ordinary common equity meaning the
Dutch State will rank exactly the same as common shareholders.
The structure of the transaction is designed to avoid dilution of
existing shareholders.  The security is only transferable with the
permission of ING and the Dutch Central Bank.

ING has the right to buy back all or some of the securities at any
time at 150% of the issue price.  Further, ING has the right to
convert all or some of the securities into (depositary receipts
for) ordinary shares on a one-for-one basis, from three years
after the issuance onwards.  If ING chooses to do so, the Dutch
State can opt for repayment of the securities at EUR10 in cash.

The coupon on the core Tier-1 securities is only payable if a
dividend - either interim or final - is paid on common shares over
the financial year preceding the coupon date.  The annual coupon
per security will be the higher of EUR0.85 or an amount equal to
110% of the dividend paid on ordinary shares for the year 2008,
120% for 2009 and 125% from 2010 and onwards.

Given the exceptional circumstances, ING has decided to pass over
the final dividend for 2008, leaving the total 2008 dividend at
the EUR0.74 per share that was already paid as interim dividend.

ING Group will use the proceeds of the transaction to increase
shareholders' equity in ING Bank by EUR5 billion and to strengthen
the balance sheet of ING Insurance by EUR2 billion. The remaining
EUR3 billion will be used to reduce the Debt/Equity ratio at ING
Group from 15% to around 10%.  After this transaction, ING Bank's
core Tier-1 ratio will be around 8%, with ING Bank's Tier-1 ratio
above 10%.

                        Corporate Governance

Under the terms of the agreement, the Dutch State obtains the
right to nominate two members for the ING Group Supervisory Board,
to be elected at the ING General Meeting of Shareholders in 2009.
These nominees will be represented on the Audit Committee,
Corporate Governance Committee and Remuneration and Nomination
Committee of the Supervisory Board and will have approval rights
for decisions concerning equity issuance or buyback (except in
connection with this transaction) and strategic transactions with
a value equaling more than one quarter of ING's share capital and
reserves.

The ING Supervisory Board will review the remuneration policy for
the Executive Board and senior management to align it with new
international standards.  This will include linking incentive
schemes to long-term value creation and risk.  All members of the
ING Executive Board have volunteered to forego all bonuses –
either in cash, options or shares – relating to the performance in
2008 and limit exit-arrangements to a maximum of one year's fixed
salary.

The capital strengthening transaction is expected to be settled by
November 12, 2008.

                        About ING

Headquartered in Amsterdam, the Netherlands, ING --
http://www.ing.com/-- is a global financial services company
providing banking, investments, life insurance and retirement
services and operates in more than 50 countries.


===============
P O R T U G A L
===============


SOVEREIGN BANCORP: Banco Santander to Acquire Firm
--------------------------------------------------
Banco Santander, S.A., will acquire Sovereign Bancorp Inc., in a
stock-for-stock transaction.

Banco Santander currently owns 24.35% of Sovereign Bancorp's
ordinary outstanding shares.  The Capital and Finance Committee
composed of independent directors of Sovereign Bancorp requested
that Banco Santander consider acquiring the 75.65% of Sovereign
Bancorp that it did not currently own.  The Capital and Finance
Committee evaluated the transaction and recommended the
transaction to the full Board.

Under the terms of the definitive transaction agreement, which was
approved by the Executive Committee of Banco Santander and
unanimously approved by the non-Santander directors of Sovereign
Bancorp, Sovereign Bancorp shareholders will receive 0.2924 Banco
Santander American Depository Shares (ADSs) for every one share of
Sovereign Bancorp common stock they own -- or one Banco Santander
ADS for 3.42 Sovereign shares.  Based on the closing stock price
for Banco Santander ADSs on Oct. 10, 2008, the transaction has an
aggregate value of approximately US$1.9 billion, or US$3.81 per
share.  The transaction meets Banco Santander's criteria for
acquisitions, both strategically, by significantly enhancing the
geographical diversification of the Group, and financially, with a
projected net profit for Sovereign of US$750 million in 2011.

Banco Santander's Executive Board Member Juan R. Inciarte stated,
"This acquisition represents an excellent opportunity for
Santander and for Sovereign.  We know Sovereign very well.  It is
a strong commercial banking franchise in one of the most
prosperous and productive regions of the United States, with high
growth potential, which will further diversify Banco Santander's
geographical reach.  We look forward to working closely with
Sovereign's senior management and welcoming the entire Sovereign
team to Santander."

Ralph Whitworth, Chairman of the Capital and Finance Committee of
Sovereign Bancorp's Board of Directors, said, "Given the
unprecedented uncertainty in the current market environment and
the challenges facing Sovereign, we believe this is the right
transaction at the right time for Sovereign.  We considered our
options and this transaction very carefully and believe that it
provides stability and upside potential for Sovereign, its
shareholders, customers, employees and other stakeholders.  We
know Santander well and look forward to working with them to close
this transaction."

The transaction is subject to customary closing conditions,
including necessary bank regulatory approvals in the U.S. and
Spain and approval by both companies' shareholders.  Relational
Investors, LLC has agreed to vote its 8.9% of Sovereign shares in
favor of the transaction.  In addition, all of the non-Santander
directors have agreed to vote their shares in favor of the
transaction.  Banco Santander will call an Extraordinary General
Meeting of the Bank's shareholders to approve a capital increase
and issuance of approximately 147 million new shares, or
approximately 2% of Banco Santander's capital.  The transaction is
expected to close in the first quarter of 2009.

                     About Banco Santander

Banco Santander, S.A. -- http://www.santander.com-- engages
primarily in commercial banking with complementary activities in
global wholesale banking, cards, asset management, and insurance.
Founded in 1857, Santander had as of June, 2008, EUR918,332
million in assets and EUR1,050,928 million in managed funds, more
than 80 million customers, 13,000 branches and a presence in some
40 countries.  It is the largest financial group in Spain and
Latin America.  Through its Abbey subsidiary, Santander is the
sixth largest bank in the United Kingdom, and is the third largest
banking group in Portugal.  Through Santander Consumer Finance, it
also operates a leading franchise in 20 countries, with its
principal focus in Europe (Germany, Italy and Spain, among others)
and the U.S.  In the first half of 2008, Santander registered
EUR4,730 million in net attributable profit, an increase of 22%
from the previous year, excluding capital gains.

                   About Sovereign Bancorp

Headquartered in Philadelphia, Sovereign Bancorp Inc. (NYSE: SOV)
-- http://www.sovereignbank.com/-- is the parent company of
Sovereign Bank, a financial institution with US$87 billion in
assets as of Sept. 30, 2007, with principal markets in the
Northeast United States.  Sovereign Bank has 750 community
banking offices, over 2,300 ATMs and approximately 12,000 team
members.  Sovereign offers a broad array of financial services and
products including retail banking, business and corporate banking,
cash management, capital markets, wealth management and insurance.

                         *     *     *

Sovereign Bancorp Inc. still carries Fitch's BB+ subordinate debt
rating last placed on March 10, 2003.


===========
R U S S I A
===========


ALAPAYEVSKIY BOILER: Creditors Must File Claims by December 3
-------------------------------------------------------------
Creditors of OJSC Alapayevskiy Boiler Plant (TIN 6601002476)
have until Dec. 3, 2008, to submit proofs of claims to:

         P. Podporin
         Insolvency Manager
         Office 211
         Belinskogo Str. 34
         City Official Post Office-573
         620219 Yekaterinburg
         Russia

The Arbitration Court of Sverdlovskaya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60–26799/2007–S11 .

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg
         Russia

The Debtor can be reached at:

         OJSC Alapayevskiy Boiler Plant
         Pushkina Str. 193
         Alapayevsk
         624600 Sverdlovskaya
         Russia


AVENUE OSTEUROPA: Moody's Puts B3 Rating on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the B3 corporate family rating (CFR) and the B3
probability of default rating (PDR) of Avenue Osteuropa GmbH , the
parent company of the Avenue Group, which is based in Moscow,
Russia.  At the same time, Moody's Interfax Rating Agency, which
is majority owned by Moody's, placed on review for possible
downgrade the Baa2.ru national scale credit rating (NSR) of Avenue
as well as the provisional national scale rating of (P)B1.ru of
the RUB3.5 billion of senior unsecured five-year notes due 2013 to
be issued by Avenue Finance LLC, a finance subsidiary of Avenue,
and guaranteed by Avenue.

The rating action was prompted by increased uncertainties
regarding the impact of the turmoil in the financial markets on
the evolution of the general economic environment in Russia,
coupled with Avenue's exposure to the highly cyclical real estate
development business.  Moody's has noted that the ability and
willingness of local banks in Russia to provide local companies
with sufficient funds to finance growth and day to day business
have in the recent past been reduced, which may also have an
effect on the liquidity position of Avenue.

Moody's says that the rating review will focus on these issues:

   1) Avenue's ability to produce adequate cash from
      operations in light of the company's decision
      to postpone the start of some development projects
      in response to market conditions

   2) The company's exposure to liquidity and funding
      risk as the current dislocation in the credit
      markets may make the refinancing of its maturing
      borrowings more difficult to achieve.

Moody's latest rating action on Avenue Osteuropa GmbH was the
assignment of the company's B3 rating in May 2008.

Avenue Group is a contractor for large-scale complex buildings as
well as a residential and commercial real estate developer and
investor in Moscow city centre and its regions.  For the year
ending December 31, 2006, the company recorded total revenues of
RUB3.0 billion and total assets of RUB16.0 billion.


BETON LLC: Creditors Must File Claims by December 2
---------------------------------------------------
Creditors of LLC Beton (TIN 2721134484) have until Dec. 2, 2008,
to submit proofs of claims to:

         V. Radskiy
         Insolvency Manager
         Gamarnika Str.39/113
         680030 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73–13456/2007–36 .

The Debtor can be reached at:

         LLC Beton
         Goglya Str.12/4
         680030 Khabarovsk
         Russia


OPIN JSC: Moody's Changes B1 Rating Outlook to Negative
-------------------------------------------------------
Moody's Investors Service has changed the rating outlook to
negative from stable for the B1 corporate family rating of JSC
OPIN, which is based in Moscow, Russia.  At the same time, Moody's
Interfax Rating Agency, which is majority owned by Moody's,
changed the outlook to negative from stable for OPIN's A2.ru
national scale rating (NSR).

The change in outlook was prompted by Moody's increased
uncertainties regarding the impact of the turmoil in the financial
markets on the evolution of the general economic environment in
Russia, coupled with OPIN's exposure to the highly cyclical real
estate development business.  OPIN's ratings were assigned
initially with the expectation that the positive business
environment in Russia would continue.  Moody's has also noted that
the ability and willingness of local banks in Russia to provide
local companies with sufficient funds to finance growth and day to
day business have in the recent past been reduced.  While this is
not expected to have an impact on OPIN's liquidity position, it
could contribute to falling demand from home buyers as investor
confidence weakens.

The B1 corporate family rating for OPIN is based on: (i) the
company's status as one of the top ten Russian companies
specializing in residential development and, in particular, its
strong market niche in gated communities in the Moscow regions;
(ii) vertical integration through its purchase of Viceroy Homes, a
Canadian manufacturer of partially prefabricated homes, which has
reduced its construction and design risks and build costs; (iii)
its success in maintaining leverage at low levels, thanks in part
to generous shareholder support; and (iv) the continuing strong
real estate market conditions in Moscow for both residential and
commercial property. However, Moody's notes that the ratings
remain constrained by: (i) the risks associated with a strongly
growing company, operating in a cyclical industry; (ii) OPIN's
relatively narrow geographic diversification; (iii) the execution
risk involved in turning Viceroy Homes into a profitable venture
for the group; and (iv) the uncertainties inherent in the current
operating environment in the Russian real estate industry, such as
unpredictable shifts in licensing, and an evolving legal
framework.

Moody's last rating action was taken on July 3, 2008, when the B1
corporate family rating and A2.ru national scale rating were first
assigned to OPIN.

OPIN is a publicly quoted property development and investment
company with a focus on elite and business class residential gated
communities and Class A offices, largely in Moscow city center and
its regions.  For the year ending December 31, 2007, the company
recorded total revenues of US$165 million and total assets of
US$3.5 billion.


LSR GROUP: Moody's Changes B1 Rating Outlook to Negative
--------------------------------------------------------
Moody's Investors Service has changed the outlook on LSR's B1
corporate family rating to negative from stable and downgraded the
company's national scale rating to A2.ru from A1.ru.

The rating action was prompted by increased uncertainties
regarding the development of the general economic environment in
Russia, coupled with LSR's exposure to the highly cyclical real
estate development business and its production of building
materials together with the company's aggressive growth and
planned high capital expenditure going forward.  In addition,
Moody's has noted that the ability and willingness of local banks
in Russia to provide local companies with sufficient funds to
finance growth and day to day business have in the recent past
been reduced, which also may in the future have an effect on the
liquidity position of LSR.

The B1 rating incorporates Moody's expectation that LSR continues
to be able to prudently fund its significant capex plans going
forward.

It also reflects the group's leading market positions in a market
with high barriers to entry as well as the group's vertically
integrated business model, providing it with good diversification
and access to materials in a market and region that may face
supply shortages in the construction sector.

Currently the significant capex plans are covered by internal cash
sources, such as cash balance, cash generated and by available
long term credit lines, but there is limited room for weaker than
expected cash flows in the short term.  The company has so far
successfully agreed on several long term bank facilities for its
major expansion projects, but some of the required financing
arrangements are still in the negotiating stage, failure of which
would most likely force LSR to scale down some of its uncommitted
capital expenditure.

A downgrade of LSR's ratings would be possible if the future cash
flows would be lower than initially expected leading to a RCF/Net
Debt ratio of sustainably below 15% and/or the business
environment in the Russian construction industry would continue to
soften further as well as a weakening of the company's short term
liquidity situation.

Moody's latest rating action on LSR Group was the assignment of
the company's B1 rating in July 2007.

LSR Group is the largest producer of building materials in the St.
Petersburg region and one of the largest real estate development
companies in St. Petersburg.  Per LTM 06/2008 the company recorded
turnover of US$1.7 billion and an operating profit of US$340
million.


MIRAX GROUP: Moody's Puts B2 CFR on Review for Possible Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the B2 corporate family rating of Mirax Group LLC.  At
the same time, Moody's Interfax Rating Agency, which is majority
owned by Moody's, placed on review for possible downgrade the
A3.ru national scale credit rating of Mirax .

Though Moody's notes that Mirax has announced the postponement of
certain projects, the agency comments that the current market
conditions may challenge the timely completion and marketing of
the current pipeline of started projects, which includes some
sizable buildings.  The rating review will therefore focus on the
following issues:

   1) Mirax's ability to continue to generate positive
      cash flow to finance on-going projects and provide
      liquidity to the group.

   2) The extent of the company's needs to complete the
      current backlog of projects and the intended sources
      of funding, both from customers and external sources.

   3) The potential impact of the current market turmoil,
      and associated uncertainty in the capital and banking
      markets on the business model of the company and on
      its funding strategy.

Mirax Group is now one of the five largest real estate development
companies in Moscow, with a strong market position in the
development of business class offices and premium housing.  Apart
from developing several residential and commercial real estate
complexes, Mirax is currently constructing the Federation Tower
which, when finished, will be the tallest building in Europe.  In
2007, the company reported revenue of approximately RUR32.8
billion and EBITDA of RUR15.5 billion.  The company is majority
owned by Mr. Sergey Polonsky, chairman of the board of directors.

Moody's last rating action was taken on July 10, 2008, when the
outlook was changed from stable to developing for the B2 foreign
currency corporate family rating and the A3.ru national scale
rating assigned to Mirax Group LLC.


MOSCOW INTEGRATED: S&P Assigns BB+/B Counterparty Credit Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB+' long-
term and 'B' short-term corporate credit ratings to Russian energy
utility Moscow Integrated Power Company, JSC (MIPC), which is
83.77% owned by the government of the City of Moscow
(BBB+/Stable/--).  At the same time, S&P assigned an 'ruAA+'
Russia national scale rating.  The outlook is stable.

"The ratings reflect MIPC's aggressive expansion strategy and
sizable investment program, volatile and continually declining
heat demand in its service area, and the company's lack of
transparency and an explicit financial policy because of the
ongoing consolidation of heat distribution assets," said S&P's
credit analyst Sergei Gorin.

Other rating constraints include MIPC's weak stand-alone liquidity
position, a politicized tariff regime, and the transitional nature
of the Russian economy.

These weaknesses are mitigated by MIPC's dominant position as the
city's district heating utility, its diversified customer base,
relatively high wealth and economic diversification in its service
area, support from the city's government, a relatively modern
asset base, and moderate debt leverage (pro forma the recent
acquisitions of the companies that own the heat assets it
operates).

Using its 'bottom-up' approach, S&P has incorporated support from
the city's government through a two-notch uplift from the 'BB-'
assessment of MIPC's stand-alone credit quality.

MIPC distributes 93% of district heating supplies in Moscow via
its trunk grids and 84% via distribution grids.

Besides its maintenance capital expenditure program, MIPC has an
ambitious medium-term investment plan, which requires substantial
debt financing that could result in higher financial leverage.
This risk is exacerbated by MIPC's lack of an explicit financial
policy and financial risk management that may not be sophisticated
enough to cope with its recent consolidation activities.

At the end of 2007, MIPC's adjusted debt leverage was manageable.
According to S&P's estimates, adjusted debt to EBITDA decreased to
2.1x after consolidation.  Financial risk is aggravated by a weak
debt structure: Most of the company's debt is short term.

"The stable outlook reflects our expectation that MIPC will
improve its currently weak liquidity and potentially obtain
financial support from the City of Moscow to cover its debt
maturities," said Mr. Gorin.

S&P also expects MIPC's profitability and cash flow to improve in
2009 on the back of an expected 25% tariff increase (provisionally
approved by the regulator) and to mitigate possible higher debt
caused by investment financing.


RENAISSANCE CAPITAL: Moody's Reviews Ratings for Poss. Downgrade
----------------------------------------------------------------
Moody's Investors Service said that it is continuing its review of
the Ba3 long-term foreign currency and local currency issuer
ratings of Renaissance Capital Holdings Limited commenced on
September 25, 2008.

The rating agency noted that RCHL continues to maintain an
adequate liquidity profile -- a critical area of focus for Moody's
during the current market dislocation.  RCHL has a sizable
liquidity pool composed of cash and unencumbered securities
(mostly top-tier Russian equities and fixed-income securities),
which, in conjunction with its committed liquidity facilities,
should enable the firm to continue funding its operations in the
event of a further reduction in secured funding and customer cash.

"Moody's views positively the company's position of de-leveraging
the business (also thanks to the equity increase by the new
shareholder); the company's plans to continue to increase
liquidity as well as to decrease credit risks," says Vladlen
Kuznetsov, a Moscow-based Moody's Assistant Vice President-
Analyst.

Nonetheless, in Moody's view, the ongoing market dislocation and
tight credit conditions continue to represent a risk for all
institutions relying on the wholesale funding market, and this
includes RCHL.  As a result, during its review Moody's will
continue to monitor RCHL's liquidity position and its impact on
the company's overall credit profile.

The review is also focused on RCHL's earnings prospects in the
medium term, given continued high volatility and downward pressure
on asset values.  Although RCHL has a strong franchise in Russian
capital markets, there is an increasing probability of protracted
weakness in the primary markets and businesses, in which RCHL
operates.  These include trading in equity, fixed-income and
derivatives markets from which it has reaped the majority of
profits.

Renaissance Capital Holdings Limited is the investment banking arm
of the Renaissance Group, which also includes consumer finance,
asset management and merchant banking.  RCHL reported total
consolidated assets of US$6.4 billion and total equity of USD917
million under IFRS as of June 30, 2008, but has reduced leverage
significantly since then.  In September 2008, a new shareholder --
Onexim Group (Not Rated) -- acquired 50% minus 1 share in RCHL,
which resulted in an infusion of USD500 million of new capital
into the firm.

Onexim group is active in the mining industry, innovative projects
in energy and nanotechnology, real estate and other industries,
and has total assets of over US$25 billion.


SERGEYEVSKIY COAL: Creditors Must File Claims by November 10
------------------------------------------------------------
Creditors of LLC Sergeyevskiy Coal (TIN 2812007444, RVC
281201001) have until Nov. 10, 2008 to submit proofs of claims to:

         Yu. Koshelev
         Temporary Insolvency Manager
         Teplichnaya Str.12/32
         Blagoveshchensk
         675028 Amurskaya
         Russia

The Arbitration Court of Amurskaya commenced bankruptcy
supervision procedure on the company. The case is docketed under
Case No. A04–6540/08–11/464B.

The Debtor can be reached at:

         LLC Sergeyevskiy Coal
         Sergeyevka
         Blagoveshchenskiy
         Amurskaya
         Russia


SISTEMA-HALS OJSC: Clarifies Speculation on Exposure to Crisis
--------------------------------------------------------------
In response to recent media speculation about Sistema-Hals and its
potential exposure to the current global credit crisis, the Board
of Sistema-Hals wishes to clarify that:

   -- Sistema-Hals currently has US$1.2 billion of debt of which
      only around 20% is short-term debt, approximately
      US$20 million of which falls due for repayment before the
      end of 2008.  Repayment terms for most (c. US$700 million)
      of the long-term debt extends to 2012.

   -- Sistema-Hals' immediate priority is not servicing its debt
      but financing its construction program

   -- The company is currently finalizing its strategy, action
      plan and budget for 2009 developed in response to the
      current market conditions.  The strategy will enable
      Sistema-Hals to exploit its core competitive advantage, in
      particular its diversified and high-quality portfolio of
      residential and commercial real estate projects as an
      alternative source of financing its construction program.
      In addition, Sistema-Hals continues to look at possible
      strategic partnerships for a number of its most capital-
      intensive projects in case of further deterioration of the
      market situation.  The final strategy is due to be
      announced in November 2008 following its approval by the
      Board of Directors in late October 2008.

Mr. Sergei Shmakov, President of Sistema-Hals, commented, "The
global liquidity crisis which is affecting markets around the
world, including the Russian real estate sector, has necessitated
a prudent review of the priorities in our investment program.
Taking a pragmatic approach, we are analyzing different scenarios
of further evolution of the market conditions and developing
appropriate action plans, based on of the Company's competitive
advantages, such as scale of business, diversified portfolio of
high quality projects, alternative sources of financing and
experience of the new management team.  Given the attractive, long
term fundamentals of the Russian real estate market, and Sistema-
Hals' key strengths, we believe that the company is well placed to
ride out current market turbulence and continue its development in
a medium term perspective."

                      About Sistema-Hals

Based in Moscow, JSC Sistema-Hals -- http://www.sistema-hals.ru/
-- is property developers in Moscow and the Moscow region,
with operations in the six regions in Russia, as well as Yalta
and Kiev, Ukraine.  The company is involved in a number of
large-scale governmental infrastructural projects in the
capacity of project manager.  Sistema-Hals is a 71.1% subsidiary
of Sistema JSFC.

                          *     *     *

JSC Sistema-Hals continues to carry B1 long-term corporate
family and probability-of-default ratings from Moody's
Investor Service.  The outlook according to Moody's is stable.

Sistema-Hals also carries B+ issuer default rating from Fitch,
which said the outlook is negative.


SISTEMA-HALS: Moody's places Ba3 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed the Ba3 Corporate Family
Rating and Senior Unsecured Rating of Sistema JSFC and B1
Corporate family rating of its 71.1% -owned real estate subsidiary
Sistema-Hals on review for possible downgrade.

The action reflects Moody's assessment that Sistema Hals's
business profile is weakening in the face of challenging economic
conditions aggravated by current conditions in the Russian real
estate sector.  The review also reflects some concern over the
weakening broader operating environment of some of Sistema's - its
lead shareholder- operations where Moody's is also undertaking a
review given that a degree of support and interdependence exists
between Sistema and its various holdings and operations such as
Sistema Hals.

The review will focus on:

   1) standalone profiles of both entities;

   2) Sistema-Hals' ability to convert current project
      work into cash proceeds, and maintain construction
      and completion rates at an acceptable level with
      the available financing in place;

   3) Capacity of Sistema to provide support more broadly
      across the group;

   4) Sistema's steps to strategically restructure the
      group's assets and optimize intra-company
      re-distributions of funds in accordance with
      the group's return on capital requirements;

   5) Sistema's short to medium-term refinancing strategy
      with regard to its subsidiaries and Sistema holding,
      including balance of secured and unsecured
      obligations;

Domiciled in Moscow, Russia, Sistema Joint Stock Financial
Corporation is a diversified company operating in
telecommunications, technology, banking, real estate, media,
retail and other businesses.  During fiscal year 2007, Sistema
reported revenue of US$13.2 billion and OIBDA of US$5.28 billion.
The founder of the company, Mr. Vladimir Evtushenkov, holds 64.2%
of Sistema's common shares, 16.8% is held by the management and
other shareholders, while 19% is in free float on the London Stock
Exchange.

Sistema-Hals, a 71.1% subsidiary of Sistema JSFC and headquartered
in Moscow, Russia, is a property developer in Moscow and the
Moscow region, with operations in six regions in Russia as well as
Yalta and Kiev in the Ukraine.  In addition to its real estate
development business activities, the company is involved as
project manager in a number of large-scale government
infrastructure projects.  During fiscal year 2007, Sistema-Hals
reported revenue of US$452 million and EBITDA of US$64 million
(US$163 million excluding stock-based compensation).


UNECHSKIY VEGETABLE: Creditor Must File Claims by November 10
-------------------------------------------------------------
Creditors of OJSC Uchenskiy Dehydration Plant have until Nov. 10,
2008 to submit proofs of claims to:

         A. Kozlov
         Temporary Insolvency Manager
         Kalinina Str.119
         241050 Bryansk
         Russia

The Arbitration Court of Bryanskaya will convene on Feb. 25, 2009,
to hear bankruptcy supervision procedure. The case is docketed
under Case No. A09-6850/08-10.

The Debtor can be reached at:

         OJSC Uchenskiy Dehydration Plant
         Krupskoy Str.22
         Unecha
         243300 Bryanskaya
         Russia


ZEM-STROY-TREST: Kaliningrad Bankruptcy Hearing Set December 1
--------------------------------------------------------------
The Arbitration Court of Kaliningrad will convene at 11:00 a.m. on
Dec. 1, 2008, to hear bankruptcy supervision procedure on LLC Zem-
Stroy-Trest.  The case is docketed under Case No. A21-2948/ 2008.

The Temporary Insolvency Manager is:

         A. Morozov
         Post User Box 13
         394038 Voronezh
         Russia

The Court is located at:

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         LLC Zem-Stroy-Trest
         Prospect Mira 5/7
         Kaliningrad
         Russia


===========
S W E D E N
===========


FORD MOTOR: Assures Clients of Auto Loans
-----------------------------------------
Matthew Dolan at The Wall Street Journal reports that Ford Motor
Co. said in a letter to dealers that it still has a credit arm
that will lend clients who buy the company's cars.

According to WSJ, Ford Motor was worried that car buyers were
staying away from showrooms because they were convinced they
wouldn't qualify for a loan.

As reported in the Troubled Company Reporter on Oct. 15, 2008,
GMAC LLC's CEO Al de Molina said that the company has "limited if
any access to funding" for its mortgage and auto-lending units and
that it may cut auto lending in some international markets and
that it is considering strategic initiatives.

WSJ states that a person familiar with the matter said that some
Ford Motor dealers have relayed the corporate letter to potential
clients in e-mails, assuring that the company continues to provide
automotive lending and that "Ford Credit has not tightened its
financing standards."

Ford Motor is considering putting employee pricing on every model
sold in the U.S., with financing through Ford Credit, WSJ relates,
citing a person briefed on the company's plans at a meeting this
month.   According to the report, the campaign would also have a
dealer cash payment of US$500 to US$1,500 included as part of the
program.  The report states that the program could be launched
this month.

                   About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents.  With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda.  The company provides
financial services through Ford Motor Credit Company.

The company has operations in Japan in the Asia Pacific region. In
Europe, the company maintains a presence in Sweden, and the United
Kingdom.  The company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.

                         *     *     *

As reported in the Troubled Company Reporter on Oct. 10, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford Motor
Company and Ford Motor Credit Company by one notch to 'CCC' from
'B-'.


FORD MOTOR: S&P Places Ratings on 9 Transactions Under Neg. Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on nine Ford
Motor Co.-related transactions on CreditWatch with negative
implications.

The rating actions reflect the Oct. 9, 2008, placement of the
long-term corporate credit and senior unsecured debt ratings on
Ford Motor Co. (Ford; B-/Watch Neg/NR) and its related entities on
CreditWatch with negative implications.

The nine transactions are pass-through transactions, and the
ratings on the trusts are based solely on the senior unsecured
ratings assigned to the underlying collateral.  The underlying
collateral consists of securities issued by Ford, as indicated in
the list below.

The corporate rating actions on Ford and its affiliates have no
immediate rating impact on the Ford-related asset-backed
securities supported by collateral pools of consumer auto loans or
auto wholesale loans.

             Ratings Placed on Creditwatch Negative

Corporate Backed Trust Certificates Ford Motor Co. Debenture-
Backed Series 2001-36 Trust

           Rating
           ------
Class   To              From  Underlying collateral
-----   --              ----  ---------------------
A1      CCC/Watch Neg   CCC  7.7% deb due 05/15/2097
A2      CCC/Watch Neg   CCC  7.7% deb due 05/15/2097

Corporate Backed Trust Certificates Ford Motor Company Note-Backed
Series 2003-6 Trust

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
A-1     CCC/Watch Neg  CCC   7.45% Global Landmark Secs
                            (GlobLS) notes due 07/16/2031

CorTS Trust For Ford Debentures

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Certs   CCC/Watch Neg  CCC   7.4% deb due 11/01/2046

CorTS Trust II For Ford Notes Series 2003-3

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Certs   CCC/Watch Neg  CCC   7.45% Global Landmark Secs
                            (GlobLS) notes due 07/16/2031

PPLUS Trust Series FMC-1

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Certs   CCC/Watch Neg  CCC   7.45% Global Landmark Secs
                            (GlobLS) notes due 07/16/2031

PreferredPlus Trust Series FRD-1

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Certs   CCC/Watch Neg   CCC  7.4% deb due 11/01/2046

Public STEERS Series 1998 F-Z4 Trust

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ----------------------
A       CCC/Watch Neg  CCC   7.7% deb due 05/15/2097
B       CCC/Watch Neg  CCC   7.7% deb due 05/15/2097

SATURNS Trust No. 2003-5

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
Units   CCC/Watch Neg  CCC   7.45% Global Landmark Secs
                            (GlobLS) notes due 07/16/2031

Trust Certificates (TRUCs) Series 2002-1 Trust

           Rating
           ------
Class   To             From  Underlying collateral
-----   --             ----  ---------------------
A-1     CCC/Watch Neg  CCC   7.7% deb due 05/15/2097


=====================
S W I T Z E R L A N D
=====================


BAHSOUN INTERNATIONAL: Oct. 31 Set as Deadline to File Claims
-------------------------------------------------------------
Creditors owed money by LLC Bahsoun International Trade are
requested to file their proofs of claim by Oct. 31, 2008, to:

         Bahsoun Ghassan
         Rubiswilstrasse 29
         6438 Ibach SZ
         Switzerland

The company is currently undergoing liquidation in Schlieren.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 2, 2007.


BEROG HANDEL: Deadline to File Proofs of Claim Set Oct. 31
----------------------------------------------------------
Creditors owed money by JSC Berog Handel are requested to file
their proofs of claim by Oct. 31, 2008, to:

         Beatrice Gmeiner
         JSC KLT Treuhand
         Mail Box: 3144
         6002 Luzern
         Switzerland

The company is currently undergoing liquidation in Luzern.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on July 16, 2008.


E. GEBISTORF JSC: Creditors Have Until Oct. 31 to File Claims
-------------------------------------------------------------
Creditors owed money by JSC E.Gebistorf are requested to file
their proofs of claim by Oct. 31, 2008, to:

         Edgar Gebistorf
         Im Lindengut 11
         8803 Ruschlikon
         Switzerland

The company is currently undergoing liquidation in Ruschlikon.
The decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 4, 2008.


GENERAL MOTORS: Launches Auto Loan Initiative
---------------------------------------------
John D. Stoll at The Wall Street Journal reports that General
Motors Corp. was set to launch Friday an initiative dubbed
"Financing that Fits," aimed at letting consumers know they can
still secure credit for a new GM car or truck.

WSJ relates that auto lenders like GMAC LLC have decided to
tighten lending terms.  As reported in the Troubled Company
Reporter on Oct. 15, 2008, GMAC's CEO Al de Molina said in an e-
mail to workers that the company has "limited if any access to
funding" for its mortgage and auto-lending units.  Mr. de Molina
said that the company may cut auto lending in some international
markets and that it is considering "strategic initiatives."  GMAC
said that it is restricting auto lending to buyers with credit
scores of at least 700, who are about 58% of U.S. consumers.

According to WSJ, GM spokesperson John McDonald said that the
campaign will show buyers that there are hundreds of banks, credit
unions, and other lenders who are willing to do auto loans and
leases.  The report says that GM will try to do a sizable chunk
of its lower-cost lending programs through GMAC.

Mr. McDonald read off a list of banks, lenders, and credit unions
participating in the program, although he acknowledged that buyers
may not be doing business "with the lender your used to," WSJ
reports.

                    About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of US$15.4
billion over net sales and revenue of US$38.1 billion, compared to
a net income of US$891.0 million over net sales and revenue of
US$46.6 billion for the same period last year.


GENERAL MOTORS: Appoints James Taylor as Hummer CEO
---------------------------------------------------
General Motors Corp., as part of the ongoing business and
strategic review of its Hummer brand, appointed James E. Taylor as
Hummer's CEO.

Mr. Taylor, formerly a Cadillac general manager, is responsible
for the future strategy and current business of Hummer worldwide.
This move marks a progression in the ongoing strategic review
process and establishes the lead management structure for Hummer
going forward.  Martin Walsh, currently general manager of Hummer,
will team with Mr. Taylor on the transition and ongoing dealer
relations, and then will move to another assignment that will be
announced soon.

Mr. Taylor has been Cadillac general manager since 2004, and even
prior to that he was a key architect in Cadillac's design and
technology resurgence.  As the global Vehicle Line Executive for
Cadillac, Mr. Taylor led the development of a series of new models
-- beginning with the Cadillac CTS -- that ushered in a new and
distinctive generation of dramatically designed, high performing
vehicles.  Mr. Taylor joined GM in 1980 and since has held a
number of business and marketing leadership roles, including those
at Saturn, Adam Opel, Worldwide Purchasing and GM Truck.

Mr. Taylor reports to Mark C. McNabb, North America vice
president, Cadillac/Premium Channel.  Mr. McNabb joined GM in 2008
to assume leadership of GM's premium brands, Cadillac, Hummer and
Saab USA.

"By creating a new and more comprehensive leadership position for
Hummer with Jim Taylor as the top executive, we are bolstering the
strategic review process and the brand," said Mark LaNeve, GMNA
vice president of Vehicle Sales, Service and Marketing.  "At the
same time, we're sharpening our focus on Cadillac as GM's flagship
brand in the global luxury marketplace under Mark McNabb's
leadership," Mr. LaNeve added.

                    About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of US$15.4
billion over net sales and revenue of US$38.1 billion, compared to
a net income of US$891.0 million over net sales and revenue of
US$46.6 billion for the same period last year.


GENERAL MOTORS: Wants Merger Deal With Chrysler This Month
----------------------------------------------------------
General Motors Corp. wants to reach a merger deal with Chrysler
LLC before the end of October, The Wall Street Journal reports,
citing sources familiar with the matter.

John Letzing at MarketWatch relates that banks and other lenders
support the planned merger.  WSJ relates that J.P. Morgan Chase &
Co. -- one of Chrysler's largest holders -- and Cerberus Capital
Management, which owns Chrysler, are supporting the deal.

According to WSJ, sources said that GM is seeking to complete the
deal as soon as the end of this month, as it is expected to report
dismal third-quarter earnings in coming weeks and is looking new
sources of funding.  The report says that GM has created teams of
people analyzing potential cost-cutting and savings it can do with
Chrysler.

WSJ states that GM will lay off 1,500 workers in coming months at
three assembly plants.  Marketwatch relates that the layoffs will
affect hourly workers at plants in Michigan and Delaware.

           Chrysler CEO Won't Comment on GM Talks

Tom Krisher at The Associated Press relates that Chrysler's CEO
Bob Nardelli didn't comment on the company's merger talks with GM,
but said that a steep drop in U.S. auto sales has led to industry
consolidation.  "It certainly creates an environment for
consolidation where you can get synergies of productivity that
will allow you to be more competitive, not only here in the U.S.
market, but on a global basis," The AP quoted Mr. Nardelli as
saying. Mr. Nardelli said that Chrysler has had to reduce factory
capacity by 1.1 million vehicles due to the slump, The AP relates.

Mr. Nardelli, says The AP, said on the CNBC cable channel that
Chrysler has been open about seeking partners and creating
alliances.

                     About Chrysler LLC

Headquartered in Auburn Hills, Michigan, Chrysler LLC --
http://www.chrysler.com/-- a unit of Cerberus Capital
Management LP, produces Chrysler, Jeep(R), Dodge and Mopar(R)
brand vehicles and products.  The company has dealers worldwide,
including Canada, Mexico, U.S., Germany, France, U.K., Argentina,
Brazil, Venezuela, China, Japan and Australia.

                        *     *     *

As reported in the Troubled Company Reporter on Aug. 11, 2008,
Standard & Poor's Ratings Services lowered its ratings on Chrysler
LLC, including the corporate credit rating, to 'CCC+' from 'B-'.

On July 31, 2008, TCR said that Fitch Ratings downgraded the
Issuer Default Rating of Chrysler LLC to 'CCC' from 'B-'.  The
Rating Outlook is Negative.  The downgrade reflects Chrysler's
restricted access to economic retail financing for its vehicles,
which is expected to result in a further step-down in retail
volumes.  Lack of competitive financing is also expected to result
in more costly subvention payments and other forms of sales
incentives.  Fitch is also concerned with the state of the
securitization market and the ability of the automakers to access
this market on an economic basis over the near term, given the
steep drop in residual values, higher default rates, higher loss
severity being experienced and jittery capital market.

                   About General Motors

Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908.  GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries.  In 2007, nearly 9.37 million GM cars and
trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.

GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in
Miramar, Florida.

At June 30, 2008, the company's balance sheet showed total assets
of US$136.0 billion, total liabilities of US$191.6 billion, and
total stockholders' deficit of US$56.9 billion.  For the quarter
ended June 30, 2008, the company reported a net loss of US$15.4
billion over net sales and revenue of US$38.1 billion, compared to
a net income of US$891.0 million over net sales and revenue of
US$46.6 billion for the same period last year.


SIMPEX PHARMATECH: Proofs of Claim Filing Deadline is  Oct. 31
--------------------------------------------------------------
Creditors owed money by JSC Simpex Pharmatech are requested to
file their proofs of claim by Oct. 31, 2008, to:

         Lorenzo Scarascia
         Carl-Guntert-Strasse 23
         4310 Rheinfelden
         Switzerland

The company is currently undergoing liquidation in Basel.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 12, 2008.


SP PRODUKTION: Creditors Must File Proofs of Claim by  Oct. 31
--------------------------------------------------------------
Creditors owed money by JSC SP Produktion are requested to file
their proofs of claim by Oct. 31, 2008, to:

         JSC Poledna Boss Kurer
         Mail Box 865
         8034 Zurich
         Switzerland

The company is currently undergoing liquidation in Grub AR.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Oct. 30, 2007.


SWISS-MEMO MANAGEMENT: Creditors' Claims Due by Oct. 31
-------------------------------------------------------
Creditors owed money by LLC Swiss-Memo Management are requested to
file their proofs of claim by Oct. 31, 2008, to:

         Andreas Mark
         Sonnenweg 8
         7402 Bonaduz
         Switzerland

The company is currently undergoing liquidation in Bonaduz.  The
decision about liquidation was accepted at an extraordinary
shareholders' meeting held on Sept. 3, 2008.


=============
U K R A I N E
=============


AVIRONT LLC: Creditors Must File Claims by October 22
-----------------------------------------------------
Creditors of LLC Commerce Group Aviront (code EDRPOU 34732017)
have until Oct. 22, 2008, to submit proofs of claim to:

         LLC Trading House Dary Uzbekistana
         Liquidator
         Ac. Tupolev Str. 19
         04128 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 30, 2008.
The case is docketed as 49/162-b.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine


BELON COMUNICATION: Creditors Must File Claims by October 22
------------------------------------------------------------
Creditors of LLC Belon Comunication (code EDRPOU 34834194) have
until Oct. 22, 2008, to submit proofs of claim to:

         LLC Legal Firm Law and Business
         Liquidator
         Ap. 414
         Gnat Yura Str. 9
         03164 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 30, 2008.
The case is docketed as 49/161-b.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine


TERLAND-AGRO LLC: Creditors Must File Claims by October 22
----------------------------------------------------------
Creditors of LLC Company Terland-Agro (code EDRPOU 32577105) have
until Oct. 22, 2008, to submit proofs of claim to:

         Anatoly Okriak
         Liquidator/Insolvency Manager
         Lipovaya Str. 17/1
         46001 Ternopol
         Ukraine
         Tel: 8-0352-25-71-20

The Economic Court of Ternopol commenced bankruptcy proceedings
against the company after finding it insolvent on Aug. 13, 2008.
The case is docketed as 10/B-1041.

         The Economic Court of Ternopol
         Ostrozsky Str. 14a
         46000 Ternopol
         Ukraine

The Debtor can be reached at:

         LLC Company Terland-Agro
         S. Bandera Str. 60
         46000 Ternopol
         Ukraine


ENTERPRISE ABRIS: Creditors Must File Claims by October 22
----------------------------------------------------------
Creditors of CJSC Enterprise Abris (code EDRPOU 13712475) have
until Oct. 22, 2008, to submit proofs of claim to:

         Igor Shevchenko
         Temporary insolvency manager
         Ap. 172
         Kharkov Str. 4
         40024 Sumy
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on July 14, 2008.  The case is docketed
as B3/181-08.

         The Economic Court of Kiev
         Komintern Str. 16
         01032 Kiev
         Ukraine

The Debtor can be reached at:

         CJSC Enterprise Abris
         Tbilisi Quarter 19
         Slavutich
         07100 Kiev
         Ukraine


FLORESENCE UKRAINE: Creditors Must File Claims by October 22
------------------------------------------------------------
Creditors of LLC Floresence Ukraine (code EDRPOU 30262803) have
until Oct. 22, 2008, to submit proofs of claim to:

         LLC Legal Firm Law and Business
         Liquidator
         Ap. 414
         Gnat Yura Str. 9
         03164 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 21, 2008.
The case is docketed as 49/156-b.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine


LIK CJSC: Creditors Must File Claims by October 22
--------------------------------------------------
Creditors of CJSC Television Company LIK (code EDRPOU 24739750)
have until Oct. 22, 2008, to submit proofs of claim to:

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 30, 2008.
The case is docketed as 24/208-b.

The Debtor can be reached at:

         CJSC Television Company LIK
         Glybochetskaya Str. 28
         04050 Kiev
         Ukraine


LINEN FOREVER: Creditors Must File Claims by October 22
-------------------------------------------------------
Creditors of LLC Linen Forever (code EDRPOU 32471719) have until
Oct. 22, 2008, to submit proofs of claim to:

         I. Dragun
         Temporary Insolvency Manager
         Sobornaya Str. 34/14
         33028 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy supervision
procedure on the company on Aug. 22, 2008. The case is docketed as
4/39.

         The Economic Court of Rivne
         Yavornitskiy Str. 59
         33001 Rivne
         Ukraine

The Debtor can be reached at:

         LLC Linen Forever
         Fabrichnaya Str. 12
         33009 Rivne
         Ukraine


NAFTOGAZ: Bondholders' Meeting Set Oct. 28; Seeks Bond Waiver
-------------------------------------------------------------
Naftogaz has called a bondholders' meeting for Oct. 28, seeking a
waiver of default on a US$500 million Eurobond, Carolyn Cohn of
Reuters writes, citing a source familiar with the issue.

According to the report, Naftogaz is technically in default on the
bond, due in 2009, because it failed to submit audited accounts
for 2007.

However, a Naftogaz official said the company might be ready to
submit the 2007 accounts before Dec. 31, the report notes.

Investors, the report relates, have expressed concerns that should
Naftogaz default on this bond, clauses in other debt agreements
would force it to pay out a total of US$2.5 billion, although the
government has provided a US$2.4 billion sovereign guarantee.

Citing Luis Costa, emerging debt strategist at Commerzbank, the
report discloses the yield on the bond has risen to 24-25%, while
Naftogaz' five-year credit default swaps, used to insure against
restructuring or default of debt, are trading at elevated levels
around 2,000 basis points, indicating a strong risk of default.

The report says markets are pricing in an increasing risk of
default both for Naftogaz and for Ukraine itself, reflecting
political instability and mounting microeconomic problems in the
country.

               About NJSC Naftogaz of Ukraine

Headquartered in Kiev, Ukraine, NJSC Naftogaz of Ukraine --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

                          *     *     *

As reported in the TCR-Europe on Aug. 12, 2008, Moody's Investors
Service downgraded the Ba3 foreign currency corporate family
rating and Probability of Default rating of NJSC Naftogaz of
Ukraine to B1 and concurrently assigned a Developing outlook.
This rating action concludes Moody's review for downgrade of
Naftogaz's ratings.

In line with the CFR, Moody's also changed the rating of US$500
million senior unsecured Loan Participation notes of Naftogaz
from Ba3 to B1, the outlook is developing.

Moody's also concluded a review of the sovereign ratings of
Ukraine with the affirmation of the Ukraine's B1 foreign and
local currency debt ratings in conjunction with the assignment
of a positive outlook which did not impact Naftogaz's ratings.


NEWS-SERVICE LLC: Creditors Must File Claims by October 22
----------------------------------------------------------
Creditors of LLC News-Service (code EDRPOU 33445187) have until
Oct. 22, 2008, to submit proofs of claim to:

         LLC Tomatnaya Strana
         Liquidator
         Ap. 34
         Pobeda Avenue 136
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 30, 2008.
The case is docketed as 49/159-b.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine


PRILADAVIA LLC: Creditors Must File Claims by October 22
--------------------------------------------------------
Creditors of LLC Priladavia (code EDRPOU 34192253) have until
Oct. 22, 2008, to submit proofs of claim to:

         LLC Trading House Dary Uzbekistana
         Liquidator
         Ac. Tupolev Str. 19
         04128 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 30, 2008.
The case is docketed as 49/158-b.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine


REGION BUILDING: Creditors Must File Claims by October 22
---------------------------------------------------------
Creditors of LLC Region Building Service-2004 (code EDRPOU
21764931) have until Oct. 22, 2008, to submit proofs of claim to:

         Andrew Levin
         Liquidator
         Mendeleyev Str. 59/35
         Rubezhnoye
         Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent on Sept. 8, 2008.
The case is docketed as 12/62b.

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Region Building Service-2004
         Ap. 101-103
         Sovetsky Avenue 74
         Severodonetsk
         93400 Lugansk
         Ukraine


VALMI-KIEV LLC: Creditors Must File Claims by October 22
--------------------------------------------------------
Creditors of LLC Distribution Valmi-Kiev (code EDRPOU 34644921)
have until Oct. 22, 2008, to submit proofs of claim to:

         LLC Legal Firm Dobry Sovet
         Liquidator
         General Naumov Str. 23-b
         03164 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 30, 2008.
The case is docketed as 49/157-b.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine


YUKANT-COMPANY LLC: Creditors Must File Claims by October 22
------------------------------------------------------------
Creditors of LLC Yukant-Company (code EDRPOU 34646054) have until
Oct. 22, 2008, to submit proofs of claim to:

         LLC Uzbekistan Fruits and Vegetables
         Liquidator
         Ap. 34
         Pobeda Avenue 136
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on July 30, 2008.
The case is docketed as 49/163-b.

         The Economic Court of Kiev
         B. Hmelnitskij Boulevard 44-B
         01030 Kiev
         Ukraine


YUZHNY LLC: Creditors Must File Claims by October 22
----------------------------------------------------
Creditors of LLC Trading House Yuzhny (code EDRPOU 32224932) have
until Oct. 22, 2008, to submit proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy supervision
procedure on the company on Aug. 12, 2008.  The case is docketed
as 2/159-08-3389.

The Debtor can be reached at:

         LLC Trading House Yuzhny
         Starosennaya Square 1
         65023 Odessa
         Ukraine


ZARIA OJSC: Creditors Must File Claims by October 22
----------------------------------------------------
Creditors of OJSC Chemical Union Zaria (code EDRPOU 33648129) have
until Oct. 22, 2008, to submit proofs of claim to:

         V. Levchenko
         Liquidator/Insolvency Manager
         Transportny Lane 19
         Cherkassy
         Ukraine
         Tel: 8(0472)65-74-21

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent on June 17, 2008.
The case is docketed as 14/2489.

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         OJSC Chemical Union Zaria
         Zagorodniaya Str. 1
         Verkhniachka
         Khristinovka District
         Cherkassy
         Ukraine


* S&P Puts Ukrainian Banks' B+/B Credit Ratings on Negative Watch
-----------------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'B+' long-term
and 'B' short-term counterparty credit ratings on Alfa-Bank
Ukraine (Alfa), JSC KREDOBANK (Kredo), and Ukrsotsbank OJSC on
CreditWatch with negative implications.  At the same time, the
'uaA-' Ukraine national scale ratings on Alfa and Kredo were also
placed on CreditWatch with negative implications.

These rating actions follow the placement of the ratings on
Ukraine (foreign currency: B+/Watch Neg/B, local currency: BB-
/Watch Neg/B, national scale: uaAA) on CreditWatch with negative
implications.

The rating action on Ukraine reflects S&P's concerns about the
impact of a deteriorating economic situation and associated
exchange-rate depreciation on the country's financial sector asset
quality, especially in light of the high level of private sector
foreign currency borrowing.

"We expect to resolve the sovereign CreditWatch placement this
month, after which we will resolve the CreditWatch placement of
the three banks.  The ratings on the banks will be affected if any
downside action on the sovereign takes place following the
CreditWatch resolution," said S&P's credit analyst Annette Ess.


* UKRAINE: President Must Trash Election to Get IMF's Assistance
----------------------------------------------------------------
The International Monetary Fund is poised to lend up to US$14
billion to Ukraine granted that Ukrainian president Viktor
Yushchenko scrap his plans for a snap election, Reuters and the
International Herald Tribune write.

Ukraine has sought the IMF for assistance amid the financial
crisis in the country, The Associated Press reports, citing the
IMF.  Reuters notes that Iceland, Hungary and Serbia have also
approached the IMF for help.

Prime Minister Yulia Tymoshenko remained defiant saying her
faction in parliament will not support the law, the IHT writes.
Members of Ms. Tymoshenko's party blocked parliament's work last
week, preventing laws from being passed.  She again called on
ally-turned-rival, president Yushchenko, to revive their
coalition.

Amid Ms. Tymoshenko's opposition, the government passed amendments
in the law Thursday allowing the allocation of the money for the
elections.  The amendments must be approved by parliament to pave
the way for the early vote, which president Yushchenko wants to
schedule for December 7.

Meanwhile, Ms. Tymoshenko asserted that if president Yushchenko
wants the badly needed IMF loan, he will have to drop the early
election plans.

Reuters says that the IMF office in Kiev declined to comment while
the IHT says the wide range of the amount could not be immediately
explained.

According to the central bank's First Deputy Chairman, Anatoly
Shapovalov, the size of the credit from the IMF would depend on
Ukraine's quota subscription in the Fund, Reuters relates.   An
undisclosed central bank official said Ukraine's quota was the
equivalent of US$2 billion and that countries can receive three to
five times their quota or US$6 billion to US$10 billion.  The rest
could come from other international organizations.

However, Reuters notes that the country's economy had been growing
at about 7% annually, and is expected to slow to 2.5% next year,
based on an IMF data.

                          *     *     *

As reported by the Troubled Company Reporter-Europe on Oct. 17,
2008, Standard & Poor's Ratings Services placed these ratings on
Ukraine on CreditWatch with negative implications: its 'B+/B'
foreign currency and 'BB-/B' local currency sovereign credit
ratings on its global scale; and its 'uaAA' ratings on its
national scale.  A resolution of the CreditWatch action is likely
this month pending further clarification of the government's
strategy in addressing the intensifying stresses in Ukraine's
financial sector, which could require capital injections from the
government.  S&P is in the process of assessing these potential
fiscal costs and the impact of weakened growth prospects on the
budgetary position of the government.

The TCR-Europe on Oct. 15, 2008, citing The Financial Times,
reported that Ukraine's central bank, The National Bank of Ukraine
(NBU) imposed a six-month freeze on the early withdrawal of
deposits from commercial banks to prevent a run, more than tripled
its guarantee on deposits to US$38,000 (EUR28,100, GBP22,350) and
increased reserve requirements for banks.

On Sept. 29, 2008, the TCR-Europe related that Fitch Ratings
revised Ukraine's Outlook to Negative from Stable.  Its ratings
are affirmed at Long-term foreign and local Issuer Default 'BB-'
and at Short-term foreign currency IDR 'B'.  The agency has also
affirmed the Country Ceiling at 'BB-'.


===========================
U N I T E D   K I N G D O M
===========================


AMERICAN INT'L: Maurice Greenberg Wants to Change Gov't Loan Terms
------------------------------------------------------------------
Jay Miller at The Wall Street Journal reports that Maurice
Greenberg, shareholder and former CEO of American International
Group, proposed changes to the terms of the US$85 billion loan the
company secured from the government, in exchange for an almost 80%
stake in the firm.

In addition to the loan, WSJ relates that AIG was also cleared to
borrow another US$37.8 billion to ease strains from a program that
involves AIG's lending securities to third parties.

According to WSJ, Mr. Greenberg claimed that the terms of the
government loan would result in the liquidation of AIG.  WSJ
relates that the interest charges of the loan add up to
US$1 billion per month.  AIG entered into an agreement with the
Federal Reserve Bank of New York to obtain the loan through a two-
year credit facility that requires the company to pay:

    -- 2% one-time commitment fee,
    -- 8.5% interest on undrawn capital, and
    -- on drawn capital, the London interbank offered rate
       plus 8.5%.

WSJ states that Mr. Greenberg wanted the government would change
the terms so that the government would get nonvoting preferred
stock with a 5% to 6% dividend and a 10-year right of redemption
at a 10% premium.

Mr. Greenberg, says WSJ, said that the government's US$700 billion
bailout fund and changes to market-to-market accounting could
allow AIG to redeem the preferred stock in less than 10 years.

According to WSJ, Mr. Greenberg said in a letter filed with the
Securities and Exchange Commission, "At a minimum, AIG should be
afforded the same borrowing terms as other companies.  Since the
time the credit facility was entered into, the Federal Reserve has
stepped up direct lending to scores of financial institutions and,
for the first time last week, to nonfinancial institutions.  They
are able to borrow on terms far less onerous than those imposed on
AIG."

AIG said in a statement that it is "open to all serious proposals
that can benefit taxpayers and AIG shareholders.  We continue to
focus on maximizing the value of our businesses and servicing our
customers so we can pay the Fed loan and emerge as a vital ongoing
business."

              About American International Group

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The company has locations in Argentina, Aruba, Bahamas, Bermuda,
Brazil, Cayman Islands, Chile, Colombia, Dominica, Ecuador, El
Salvador, Grenada, Guatemala, Haiti, Honduras, Jamaica, Mexico,
Panama, Peru, Puerto Rico, Trinidad, Uruguay, Venezuela and Virgin
Islands.

             US$85,000,000,000 Federal Reserve Loan

The Federal Reserve Bank of New York extended to AIG a revolving
credit facility up to US$85 billion.  AIG's borrowings under the
revolving credit facility will bear interest, for each day, at a
rate per annum equal to three-month Libor plus 8.50%.  The
revolving credit facility will have a 24-month term and will be
secured by a pledge of assets of AIG and various subsidiaries.

The Credit Facility provides for a 79.9% equity interest in AIG.
The Credit Facility provides for an initial gross commitment fee
of 2% of the total Credit Facility on the closing date.

AIG, in a regulatory filing with the Securities and Exchange
Commission, said it will pay a commitment fee on undrawn amounts
at the rate of 8.5% per annum.  Interest and the commitment fees
are generally payable through an increase in the outstanding
balance under the Credit Facility.  Borrowings under the Credit
Facility are conditioned on the NY Fed being reasonably satisfied
with, among other things, AIG's corporate governance.

AIG is required to repay the Credit Facility from, among other
things, the proceeds of certain asset sales and issuances of debt
or equity securities. These mandatory repayments permanently
reduce the amount available to be borrowed under the Credit
Facility.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008 that that
Edward Liddy replaced Robert Willumstad as AIG's CEO.

                         *     *     *

In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of US$5.36 billion compared to 2007 second quarter net income
of US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of
US$9.02 billion in the first six months of 2007.


AMERICAN INT'L: David Herzog Replaces Stephen Bensinger as CFO
--------------------------------------------------------------
American International Group, Inc., said Thursday that comptroller
David L. Herzog will be replacing Stephen J. Bensinger as chief
financial officer of the company, the Associated Press reported
Thursday.  Mr. Bensinger, acting finance chief of the company
since May, will be leaving, the company said.  Mr. Herzog will
"oversee the company's plan to shore up its capital and repay the
more than US$100 billion in loans it has received from the Federal
Reserve".

The Federal Reserve rescued AIG last month with a two-year,
US$85 billion credit line, in order that it could meet its CDS
obligations, as the alternative would have caused a chain of
defaults in the financial system, according to federal regulators.

Banks and other institutions use credit default swaps to hedge
against the risk of default in mortgage and other debt securities
they hold.  CDS contracts, which are privately negotiated
transactions, are not regulated by federal authorities.

AIG had drawn a total of US$70.3 billion on the US$85 billion
credit line from the Fed as of last week.  The company also said
last week it would receive an additional US$37.8 billion loan from
the central bank.  AIG shares closed unchanged at US$2.43
Thursday.

Bloomberg's Aaron Pan reported Wednesday that credit legislators
and federal regulators have "called for more oversight of the
unregulated US$54.6 trillion market after the bankruptcy of Lehman
Brothers Holdings Inc., which was among the top 10 counterparties
of the contracts".

              About American International Group

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The company has locations in Argentina, Aruba, Bahamas, Bermuda,
Brazil, Cayman Islands, Chile, Colombia, Dominica, Ecuador, El
Salvador, Grenada, Guatemala, Haiti, Honduras, Jamaica, Mexico,
Panama, Peru, Puerto Rico, Trinidad, Uruguay, Venezuela and Virgin
Islands.

              US$85,000,000,000 Federal Reserve Loan

The Federal Reserve Bank of New York extended to AIG a revolving
credit facility up to US$85 billion.  AIG's borrowings under the
revolving credit facility will bear interest, for each day, at a
rate per annum equal to three-month Libor plus 8.50%.  The
revolving credit facility will have a 24-month term and will be
secured by a pledge of assets of AIG and various subsidiaries.

The Credit Facility provides for a 79.9% equity interest in AIG.
The Credit Facility provides for an initial gross commitment fee
of 2% of the total Credit Facility on the closing date.

AIG, in a regulatory filing with the Securities and Exchange
Commission, said it will pay a commitment fee on undrawn amounts
at the rate of 8.5% per annum.  Interest and the commitment fees
are generally payable through an increase in the outstanding
balance under the Credit Facility.  Borrowings under the Credit
Facility are conditioned on the NY Fed being reasonably satisfied
with, among other things, AIG's corporate governance.

AIG is required to repay the Credit Facility from, among other
things, the proceeds of certain asset sales and issuances of debt
or equity securities. These mandatory repayments permanently
reduce the amount available to be borrowed under the Credit
Facility.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services has revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and International Lease Finance
Corp. and the 'A+' counterparty credit and financial strength
ratings on most of AIG's insurance operating subsidiaries -- to
CreditWatch developing from CreditWatch negative.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008 that that
Edward Liddy replaced Robert Willumstad as AIG's CEO.

                         *     *     *

In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of US$5.36 billion compared to 2007 second quarter net income
of US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of the
weak U.S. housing market and disruption in the credit markets, as
well as global equity market volatility, had a substantial adverse
effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of US$9.02
billion in the first six months of 2007.


AMERICAN INTERNATIONAL: Maurice Greenberg Discloses 10.36% Stake
----------------------------------------------------------------
Maurice R. Greenberg, Edward E. Matthews, Starr International
Company, Inc., C. V. Starr & Co., Inc., Universal Foundation,
Inc., The Maurice R. and Corinne P. Greenberg Family Foundation,
Inc., Maurice R. and Corinne P. Greenberg Joint Tenancy Company,
LLC, and C. V. Starr & Co., Inc. Trust, disclosed in a Securities
and Exchange Commission filing that they may be deemed to
beneficially own in the aggregate 278,446,354 shares of American
International Group, Inc.'s common stock, representing roughly
10.36% of the 2,688,833,724 outstanding common stock as of
July 31, 2008.

Based in New York City, American International Group Inc. --
http://www.aig.com/-- (NYSE: AIG) is an international insurance
and financial services organization, with operations in more than
130 countries and jurisdictions.  The company is engaged through
subsidiaries in General Insurance, Life Insurance & Retirement
Services, Financial Services and Asset Management.

The company's British headquarters are located on Fenchurch Street
in London, continental Europe operations are based in La Defense,
Paris, and its Asian HQ is in Hong Kong.  AIG owns Ocean Finance,
a United Kingdom based company providing home owner loans,
mortgages and remortgages.  AIG operates in the UK with the brands
AIG UK, AIG Life and AIG Direct.  It has about 3,000 employees,
and sponsors the Manchester United football club.  In response to
redemption demands, AIG Life (UK) suspended redemptions of its AIG
Premier Bond money market fund on Sept. 19, 2008, in order to
provide an orderly withdrawal of assets.

The Federal Reserve Bank of New York has extended to AIG a
revolving credit facility up to US$85 billion. AIG's borrowings
under the revolving credit facility will bear interest, for each
day, at a rate per annum equal to three-month Libor plus 8.50%.
The revolving credit facility will have a 24-month term and will
be secured by a pledge of assets of AIG and various subsidiaries.
The revolving credit facility will contain affirmative and
negative covenants, including a covenant to pay down the facility
with the proceeds of asset sales.

The summary of terms also provides for a 79.9% equity interest in
AIG.  The corporate approvals and formalities necessary to create
this equity interest will depend upon its form.

In a statement, the company said "AIG is a solid company with over
US$1 trillion in assets and substantial equity, but it has been
recently experiencing serious liquidity issues."

Standard & Poor's Ratings Services revised the CreditWatch
status of most of its ratings on the AIG group of companies --
including its 'A-' long-term counterparty credit ratings on
American International Group Inc. and the 'A+' counterparty credit
and financial strength ratings on most of AIG's insurance
operating subsidiaries -- to CreditWatch developing from
CreditWatch negative.

S&P raised its ratings on preferred stock of International Lease
Finance Corp. (ILFC; A-/Watch Dev/A-1) to 'BBB' from 'B', and
revised the CreditWatch implications to developing from negative.
All other ILFC ratings remain on CreditWatch with developing
implications.

Fitch Ratings revised its Rating Watch on American International
Group, Inc. to Evolving from Negative.  Fitch viewed this
transaction as a favorable development that alleviates significant
near-term liquidity concerns.

The Troubled Company Reporter reported on Sept. 19, 2008, that
that Edward Liddy replaced Robert Willumstad as AIG's CEO.

                       *     *     *

In a U.S. Securities and Exchange Commission filing dated
Aug. 6, 2008, AIG reported a net loss for the second quarter of
2008 of US$5.36 billion compared to 2007 second quarter net income
of US$4.28 billion.  Second quarter 2008 adjusted net loss was
US$1.32 billion, compared to adjusted net income of US$4.63
billion for the second quarter of 2007.  The continuation of
the weak U.S. housing market and disruption in the credit markets,
as well as global equity market volatility, had a substantial
adverse effect on AIG's results in the second quarter.

Net loss for the first six months of 2008 was US$13.16 billion,
compared to net income of US$8.41 billion in the first six months
of 2007.  Adjusted net loss for the first six months of 2008 was
US$4.88 billion, compared to adjusted net income of US$9.02
billion in the first six months of 2007.


ARTISAN MIDLANDS: Appoints Andrew Appleyard as Administrator
------------------------------------------------------------
Andrew Appleyard of Tenon Recovery was appointed administrator of
Artisan Midlands Ltd. (Company Number 04306788) on Oct. 1, 2008.

The company can be reached at:

         Artisan Midlands Ltd.

         Claymore
         Tame Valley Industrial Estate
         Tamworth
         Staffordshire
         B77 5DQ
         England


ASCALADE COMMS: Reports Status Update on Default Announcement
-------------------------------------------------------------
Ascalade Communications, Inc., has provided an update by reporting
issuers in compliance with financial statement filing requirements
in accordance with Ontario Securities Commission Policy 57-603
Defaults.

In accordance with the OSC Policy, the company confirms that
there is no (i) material change to the information set out in its
initial default announcement filed pursuant to the OSC Policy,
(ii) failure by the Company to adhere to the "Alternative
Information Guidelines" set out in the OSC Policy with respect to
the financial statement filing default, and (iii) other material
information concerning the affairs of the Company that has not
been generally disclosed.

Any recovery in the Companies' Creditors Arrangement Act
proceedings for creditors and other stakeholders of the company,
including shareholders, is uncertain and is highly dependent upon
a number of factors, including the recovery from the sale of the
factory, equipment and inventory in the PRC and the outcome of the
Scheme in Hong Kong.

               About Ascalade Communications Inc.

Based in Richmond, British Columbia, Ascalade Communications Inc.
(TSE:ACG) -- http://www.ascalade.com/-- is an innovative product
company that designs, develops and manufactures digital wireless
and communication products.  The company deliver products by
offering its partners and customers complete vertical integration,
from product design and development to final production.  The
company's products include digital cordless phones, Voice over
Internet Protocol phones, digital wireless baby monitors and
digital wireless conference phones. Ascalade products have been
distributed in more than 35 countries and under 80 regional
brands.  Ascalade also has facilities in Qingyuan, China, Hong
Kong and a sales office in Hertfordshire, United Kingdom.

On April 29, 2008, Jervis Rodrigues, senior vice-president of
Deloitte & Touche Inc., filed separate petitions for protection
under Chapter 15 of the U.S. Bankruptcy Code on behalf of Ascalade
Communications Inc. and its debtor-affiliate (Bankr. N.D. Ill.
Case Nos. 08-10612 and 08-10616).  Jeffrey G. Close, Esq. at
Chapman and Cutler LLP represents the Petitioner in the Chapter 15
case.  Ascalade's financial condition as of September 2007 showed
total assets of US$99,630,000 and total debts of US$40,410,000.


CESTRUM CONSERVATORIES: Taps Joint Administrators from PwC
----------------------------------------------------------
David Thornhill and Ian Green of PricewaterhouseCoopers LLP were
appointed Oct. 2, 2008, joint administrators of:

   -- Cestrum Conservatories Ltd. (Company Number 04944406);
   -- K2 Conservatory Systems Ltd. (Company Number 03900046);
   -- Burnden Holdings (UK) Ltd. (Company Number 03900046); and

The companies can be reached at:

         Burnden Holdings (UK) Ltd.
         Burnden Works
         Burnden Road
         Bolton
         Lancashire
         BL3 2RB
         England


LUXFER HOLDINGS: Moody's Changes Outlook from Stable to Negative
----------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings
of Luxfer Holdings to negative from stable.  It also affirmed the
company's B2 corporate family rating and the Caa1 rating on the
GBP 71.8 million senior unsecured floating rate notes.

The change in outlook reflects Moody's perception of uncertainty
related to the refinancing of Luxfer's GBP45 million asset-based
secured bank facility, which matures in April 2009.

Although Luxfer has started the refinancing process and expects to
complete this by the end of 2008, current extraordinary conditions
in global financial markets and the strained position of many
banks mean that there is greater uncertainty than would be the
case under normal market conditions.

On the positive side, Luxfer appears to have maintained good
operating performance in difficult markets in the first half of
2008, as evidenced by its financial results which saw revenue of
GBP130 million (up 18% from H1 2007) and stable margins despite
higher input costs.  This steady performance -- together with the
asset-based secured nature of any new facility, which is
attractive to lenders - should help facilitate the refinancing
process.  At the same time, the same features in the existing
facility may allow existing ABL lenders to terminate and suffer
relatively low loss, even if the termination were to cause Luxfer
to default.

At June 30, 2008, the bank facility was drawn by GBP20.6 million,
down from GBP24.7 million on December 31, 2008.  As the facility
is effectively part of Luxfer's capital structure, failure to
refinance would likely lead to a default unless alternate
liquidity became available.  In this regard, Luxfer reported only
GBP2.2 million cash at June 30, 2008, and it does not have
significant assets that could be liquidated quickly.  Nor does an
equity injection from existing shareholders to avoid default seem
likely, given that 87% of these are creditors who received equity
as part of a capital reorganization in 2007 (the balance 13% being
held by management).

Should Luxfer successfully refinance, Moody's expects that the
revised terms would be more onerous than those in the existing
facility.  At the very least, Moody's expects that the company's
interest costs will increase.  Despite leverage not being
particularly high - Debt/Ebitda was reported at 3.4x at June 30,
2008, Luxfer already has limited financial flexibility due to its
relatively small size and the need to maintain investment and
associated capital expenditure.  Luxfer has maintained its
financial performance to date but may face greater resistance to
passing on cost pressures, although these may be abating from
earlier highs.  Medical and aerospace/defense customers may remain
reasonably robust, but the automotive industry is generally under
considerable margin pressure.  Hence the prospects for material
near-term debt reduction appear low.  In that context, Moody's may
maintain the negative outlook even if the refinancing is
successful.

Moody's would take further downward rating action should Luxfer's
Q3 results (due in November) be below expectations; if progress on
refinancing were to fall behind expectations; or if the terms of
any new facility were to be more onerous than current
expectations.

Headquartered in Manchester, England, Luxfer specializes in the
design and manufacture of high-pressure gas cylinders, and
aluminum, zirconium, and magnesium based engineering products for
use in the aerospace, automotive, medical and general engineering
industries.  Revenue for the year ending December 2007 was
GBP213 million.


ORIENTAL FOOD: Calls in Joint Administrators from KPMG
------------------------------------------------------
Paul Nicholas Dumbell, Paul Andrew Flint and Brian Green of KPMG
LLP were appointed joint administrators of Oriental Food Service
Ltd. (Company Number 04459343) on Sept. 26, 2008.

The company can be reached at:

         Oriental Food Service Ltd.
         Unit 2
         Revie Road Industrial Estate
         Leeds
         LS11 8JG
         England


QUEBECOR WORLD: Posts US$11.6MM Net Loss in Period Ended August 30
----------------------------------------------------------------
              Quebecor World (USA), Inc., et al.
                     Combined Balance Sheet
                     As of August 30, 2008

                             ASSETS

Current Assets:
  Cash and Cash equivalents                       US$152,400,000
  Accounts receivables                             531,900,000
  Trade and receivables                             51,600,000
  Inventories                                      151,700,000
  Future income taxes and tax receivable            18,700,000
  Prepaid Expenses                                  30,300,000
                                                 -------------
     Total current expenses                        936,600,000

Property, plant and equipment                     1,165,000,000
Goodwill                                            336,400,000
Restricted cash                                      32,300,000
Future income taxes                                     900,000
Other assets                                        302,800,000
                                                --------------
TOTAL ASSETS                                     US$2,774,000,000
                                                ==============

              LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities not subject to compromise:
  Bank indebtedness                                US$16,000,000
  Trade payables and accrued liabilities           246,900,000
  Payables to related parties                        3,100,000
  Income and other taxes payable                    15,000,000
  Current portion long-term debt                   491,800,000
  Combined Statement of Operations               2,866,200,000
                                                 -------------
     Total current liabilities                   3,639,000,000

Other liabilities not subject to compromise:
  Long-term debt                                     7,400,000
  Other liabilities                                132,200,000
  Future income taxes                              113,100,000

Shareholders equity:
  Capital stock                                  1,031,200,000
  Contributed surplus                              470,000,000
  Retained earnings                             (2,619,800,000)
  Accumulated other comprehensive loss                (900,000)
                                                --------------
     Total Equity                               (1,117,700,000)
                                                --------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY       US$2,774,000,000
                                                ==============

              Quebecor World (USA), Inc., et al.
               Combined Statement of Operations
             For the month ended August 30, 2008

Operating Revenues                                 US$244,300,000

Operating expenses:
  Cost of sales                                    200,600,000
  Selling, general and administrative               13,500,000
  Depreciation and amortization                     14,000,000
                                                   -----------
     Total operating expenses                      228,100,000
                                                   -----------
Operating income                                     16,200,000

Financial expenses                                   25,200,000
Reorganization items                                  4,200,000
Income taxes                                         (1,600,000)
                                                    ----------
                                                    27,800,000
                                                   -----------
Net loss and comprehensive loss                    (US$11,600,000)
                                                   ===========

               Quebecor World (USA), Inc.,  et al.
                Combined Statement of Cash Flows
                For Month Ended August 30, 2008

Cash flows from operating activities:
  Net loss                                        (US$11,600,000)

  Adjustments for:
     Depreciation of property, plant and equipment  14,000,000
     Future income taxes                            (1,600,000)
     Amortization of other assets                      700,000
     Other                                            (800,000)
                                                   -----------
                                                       700,000
                                                   -----------

  Net changes in non-cash balances to operations:
     Accounts receivable                           (27,800,000)
     Inventories                                   (11,900,000)
     Trade payables and accrued liabilities         30,400,000
     Other current assets and liabilities           15,700,000
     Other non-current assets and liabilities      (24,300,000)
                                                    ----------
                                                     5,900,000
                                                    ----------
     Cash flows provided by (used in)
     operating activities                            6,600,000
                                                    ----------
  Cash flows from financing activities:
     Net change in bank indebtedness                 2,600,000
     Repayment of long-term debt obligations
     under capital lease                             1,000,000
                                                    ----------
     Cash flows provided by (used in)
     operating activities                            3,600,000
                                                    ----------
  Cash flows from investing activities:
     Additions to property, plant and equipment     (4,300,000)
     Restricted cash related to insolvency
     proceedings                                             0
                                                    ----------
     Cash flows provided by (used in)
     operating activities                           (4,300,000)
                                                    ----------
Net changes in cash and cash equivalents              5,900,000
Cash and cash equivalents, beginning of period      146,500,000
                                                  ------------
Cash and cash equivalents, end of period           US$152,400,000
                                                  ============

                      About Quebecor World

Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW) -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media.  It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia.  In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.

The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.

Ernst & Young, Inc., the monitor of Quebecor World Inc., and its
affiliates' reorganization proceedings under the Canadian
Companies' Creditors Arrangement Act, filed a petition under
Chapter 15 of the Bankruptcy Code before the U.S. Bankruptcy Court
for the Southern District of New York on September 30, 2008, on
behalf of QWI (Bankr. S.D.N.Y. Case No. 08-13814).  The chapter 15
case is before Judge James M. Peck.  Kenneth P. Coleman, Esq., at
Allen & Overy LLP, in New York, serves as counsel to the chapter
15 petitioner.

QWI and certain of its subsidiaries commenced the CCAA proceedings
before the Quebec Superior Court (Commercial Division) on
January 20, 2008.  The following day, 53 of QWI's U.S.
subsidiaries, including Quebecor World (USA), Inc., filed
petitions under Chapter 11 of the U.S. Bankruptcy Code.

The Honorable Justice Robert Mongeon oversees the CCAA case.
Francois-David Pare, Esq., at Ogilvy Renault, LLP, represents the
Company in the CCAA case.  Ernst & Young Inc. was appointed as
Monitor.

Quebecor World (USA) Inc., its U.S. subsidiary, along with other
U.S. affiliates, filed for chapter 11 bankruptcy before the U.S.
Bankruptcy Court for the Southern District of New York (Lead Case
No. 08-10152).  Anthony D. Boccanfuso, Esq., at Arnold & Porter
LLP, represents the Debtors in their restructuring efforts.  The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.

Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns.  The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.

QWI is the only entity involved in the CCAA proceedings that is
not a Debtor in the Chapter 11 Cases.

As of June 30, 2008, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$3,412,100,000 total
liabilities of US$4,326,500,000 preferred shares of US$62,000,000
and total shareholders' deficit of US$976,400,000.

The Hon. Robert Mongeon of the Quebec Superior Court has extended
until Dec. 14, 2008, the stay under the Canadian Companies'
Creditors Arrangement Act.

(Quebecor World Bankruptcy News, Issue No. 28; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000)


ROSEBYS GROUP: Closes 32 Retail Outlets; 173 Jobs Affected
----------------------------------------------------------
The Joint Administrators of the Rosebys group of companies
confirmed that they have closed a further 32 of the home textile
retail chain's outlets, making 173 people redundant.

Howard Smith, Joint Administrator and KPMG Restructuring Associate
Partner, said: "We have now closed a total of 73 of the poorer
performing stores, in order to maximize the chance of a going
concern sale.

"The deadline for indicative offers expired last Friday and we
have received offers from a number of interested parties that
relate to a going concern sale.  We are hopeful of issuing a sale
contract shortly and the business will continue to trade during
that process."

Outlets closed during the week commencing Monday, Oct. 13, with
the accompanying number of redundancies:

    * Perry Barr (8)
    * Doncaster (6)
    * Worcester (6)
    * Letchworth (5)
    * Colchester (6)
    * Warrington (6)
    * Wandsworth (7)
    * Glenrothes (7)
    * Stockport (5)
    * Chelmsley Wood (5)
    * Uxbridge (6)
    * East Kilbride (6)
    * Livingston (5)
    * Gateshead (7)
    * Rotherham (5)
    * Birkenhead (5)
    * Solihull (5)
    * Margate (4)
    * Wigan (5)
    * Stockton (4)
    * Pontefract (7)
    * Clydebank (6)
    * Walsall (5)
    * Northampton (5)
    * Nottingham (5)
    * Southport (5)
    * Sheffield (5)
    * Cardiff (5)
    * Swansea (6)
    * Portsmouth (6)
    * Hull (6)
    * Stechford (9)

As reported in the TCR-Europe on Oct. 7, 2008, Rosebys group of
companies had received 45 expressions of interest.

                   About KPMG LLP (UK)

KPMG LLP (UK) -- http://kpmg.co.uk/-- provides professional
services including audit, tax, financial and risk advisory.  KPMG
in the UK has over 10,000 partners and staff working in 22 offices
and is part of a strong global network of members firms. As part
of KPMG Europe it has merged with its German and Swiss firms,
making it the largest integrated accounting firm in Europe.

                      About Rosebys

Based in Yorkshire, Rosebys is a textiles retailer.  The company
has an annual turnover of GBP100 million.  It employs 2,000 staff.


SCOTTISH RE: S&P Retains Ratings Under Negative CreditWatch
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on
Scottish Re Group Ltd. (CCC-/Watch Neg/--; Scottish Re) and
Scottish Re's core operating companies--Scottish Annuity & Life
Insurance Co. (Cayman) Ltd., Scottish Re (U.S.) Inc., and Scottish
Re Life Corp. (CCC+/Watch Neg/--)--remain on CreditWatch with
negative implications.  The ratings on all these companies'
dependent unwrapped securitized deals also remain on CreditWatch
negative.

Standard & Poor's placed these ratings on CreditWatch on Jan. 31,
2008, and subsequently lowered them to the current level because
of greater-than-expected deterioration in the group's already
severely limited financial flexibility and liquidity.  This
primarily resulted from higher-than-expected asset impairments
leading to additional collateral posting requirements.

"It is our opinion that the only strong option available to the
company for preserving longer-term solvency is the sale of its
North American segment, which constitutes the bulk of its
remaining operations," noted Standard & Poor's credit analyst
Robert A. Hafner.


SEA CONTAINER: To Forgive US$3 Million in Intercompany Receivables
------------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
granted the request of Sea Containers Ltd. to forgive US$3,000,000
in intercompany receivables owed by subsidiary Charleston Marine
Containers, Inc.  The release was sought in connection with the
sale of Charleston to Gichner Systems Group, Inc.

For the avoidance of doubt, Judge Carey said, nothing in the order
will be deemed to result in the forgiveness of any obligations
owing from Charleston to any party, including SCL, Sea Containers
America, Inc., or Sea Containers Treasury Limited.

Judge Carey further ruled that all rights and defenses are
reserved with respect to (i) the Services Agreement, (ii) the
appropriate allocation of costs, intercompany or other
obligations, and (iii) the appropriate allocation of proceeds
realized from the sale of the Charleston stock.

Prior to the Court's ruling, Laura Barlow, the Debtors' interim
chief financial officer and chief restructuring officer, submitted
to the Court a declaration supporting the request.

Ms. Barlow said that based on her knowledge of the contemplated
transactions, she believes that it is in the best interests of the
bankruptcy estates to forgive the Intercompany Receivable to
facilitate the sale of the Charleston stock, and as a result,
would enable the estates to avoid approximately US$2,300,000 in
potential liability to Pension Benefit Guaranty Corporation.

"Forgiving the Intercompany Receivable also advances the Debtors'
overall strategy in these chapter 11 cases and the Plan [of
Reorganization], which is the winddown and sale of non-core assets
and the possible repatriation of proceeds to SCL for distribution
to its creditors," Ms. Barlow told the Court.

                   Gichner System's Statement

Gichner Systems Group, Inc., the leading supplier of tactical
military shelters to the US Armed Forces, announced that it has
cquired Charleston Marine Containers, Inc. ("CMCI"), located in
Charleston, South Carolina. CMCI is the leading domestic
manufacturer of intermodal, modular intermodal, and specialty
container systems for the US Armed Forces.

CMCI's products are in use worldwide and include numerous patented
containers and container systems including the Quadcon, Tricon,
Bicon, Tricold(R) and Quadcold TM containers.  The operations of
CMCI are to remain based in Charleston, and the company will
continue to operate and trade using the CMCI name.

Altus Capital Partners LLC and Dunrath Capital, Inc., along with
Gichner management and other investors, provided the equity for
the acquisition.  Altus Capital and Dunrath Capital, as co-equity
investors with Gichner management, acquired Gichner in August
2007.

Commenting on the acquisition, Thomas E. Mills IV, Gichner
President and CEO, stated, "The acquisition of CMCI is a key
element of Gichner's growth plan.  The employees and operations in
Charleston are impressive.  CMCI provides new products and new
markets for Gichner, in addition to over 240,000 square feet of
additional manufacturing capacity, bringing Gichner's total
manufacturing capacity to over 600,000 square feet.  With the
addition of CMCI, Gichner's total annual revenues are approaching
US$100 million with funded contract backlog of approximately
US$70 million.  Together with the additional talent of the CMCI
employees, Gichner and CMCI should continue to increase sales in
both businesses."

Mr. Mills continued, "The vast majority of the acquisition is
being funded with equity, which should provide Gichner and CMCI
with the financing required to generate increased sales.

CMCI's customers will continue to enjoy high-quality products
delivered in a timely manner and on schedule by CMCI's highly-
skilled and dedicated Charleston-based production and management
teams.  Customers should continue to contact their appropriate
CMCI representative."

Elizabeth Burgess, a senior partner of Altus Capital Partners,
Inc., said, "This acquisition demonstrates Altus Capital's
commitment to helping Gichner and our other portfolio companies
make strategic acquisitions that expand market share and create
operating efficiencies, even during difficult financing periods.
Altus Capital helped both to initiate this important transaction
as well as to provide the majority of the capital required."

Steve Beitler, senior managing director of Dunrath Capital and a
retired Army officer, said, "The combination of Gichner and CMCI
provides significant potential for innovation in the field of
military containerization.  We expect many new products to evolve
as a result of the combined research and engineering talent of the
newly merged companies."

                   About Gichner Systems Group

Gichner Systems Group is a leader in the development of solutions
for the transport and protection of mobile electronic systems.
Gichner products protect military personnel and electronic and
other systems from the environment during transport and operation
in some of the world's harshest environments.  Gichner Shelter
Systems provides turn-key systems that are "rack ready" for the
installation of its customers' electronic systems and service,
maintenance, reset and repair of existing shelter systems.  The
Commercial and Emergency Mobile Systems division designs and
manufactures specialized commercial products including high end
truck bodies, fire safety trainers, mobile command posts and first
responder systems for use by commercial, municipal and homeland
security customers.  For more information about Gichner Systems
Group, call us at 717-246-5453 or visit us at www.gichner.us

                About Altus Capital Partners LLC

Based in Westport, CT, Altus Capital Partners --
http://www.altuscapitalpartners.com-- is a private equity firm
that creates value by purchasing and growing profitable small to
middle market manufacturing businesses with unrealized potential.
Altus is led by a proven, seasoned deal-making team of high
integrity that invests alongside management to help seize current
growth opportunities through due diligence and leadership in long-
term strategic thinking.  With over 50 years of investment
experience, the Altus team utilizes its extensive knowledge of the
private equity cycle to optimize company value through structured
buyouts, recapitalizations, consolidations and divestitures.
Altus' investment strategy builds businesses, fosters company
loyalty and provides jobs.

                  About Dunrath Capital, Inc.

Based in Chicago, Dunrath Capital is a private equity firm that
leverages the partnership's collective experiences in private
equity investing, operations, government and entrepreneurship in
combination with a pro-active, research-based investment strategy
to create value for its portfolio companies and investors.  While
the Dunrath partnership has investment experience and a portfolio
ranging from commercializations to leveraged buyouts, the firm has
a focus on growth stage or earlier companies.  The firm's current
targeted investment sectors include safety, security, and defense.
On the Net: http://www.dunrath.com

Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is owned
almost entirely by United States shareholders and its primary
listing is on the New York Stock Exchange (SCRA and SCRB) since
1974. On Oct. 3, the company's common shares and senior notes were
suspended from trading on the NYSE and NYSE Arca after the
company's failure to file its 2005 annual report on Form 10-K and
its quarterly reports on Form 10-Q during 2006 with the U.S.
Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers disclosed
total assets of US$62,400,718 and total liabilities of
US$1,545,384,083. (Sea Containers Bankruptcy News, Issue No. 53;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


TP ATHERSTONE: Brings in Joint Administrators from KPMG
-------------------------------------------------------
Myles Antony Halley and Richard James Philpott of KPMG LLP were
appointed Oct. 3, 2008, joint administrators of:

   -- TP Atherstone Ltd. (Company Number 04351900);

   -- PRM Newage Ltd. (Company Number 05924495);

   -- Commatech Gears (Atherstone) Ltd.
     (Company Number 000991484);

   -- Commatech (Braye) Ltd. (Company Number 02774858);

   -- Commatech (Holdings) Ltd. (Company Number 05040530); and

   -- Commatech (Northampton) Ltd. (Company Number 01895665).

The companies can be reached at:

         Commatech (Northampton) Ltd.
         111 Edmund Street
         Birmingham
         B3 2HJ
         England


TWO-WHEELS GMBH: Claims Registration Period Ends Oct. 22
--------------------------------------------------------
Creditors of Two-Wheels GmbH have until Oct. 22, 2008, to register
their claims with court-appointed insolvency manager Stephan
Michels.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Nov. 12, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Stephan Michels
         Hafenweg 46- 48
         48155 Muenster
         Germany
         Tel: 0251/609652-0
         Fax: +4925160965229

The District Court of Muenster opened bankruptcy proceedings
against  Two-Wheels GmbH on Aug. 12, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Two-Wheels GmbH
         Attn: Carsten Wagner, Manager
         Langeland 1
         48308 Senden
         Germany


VELLY MITTE: Claims Registration Period Ends October 24
-------------------------------------------------------
Creditors of Velly Mitte GmbH have until Oct. 24, 2008, to
register their claims with court-appointed insolvency manager
Frank Raff.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Nov. 14, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Aalen
         Hall 0.08
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Frank Raff
         Heilbronner Strasse 86
         70191 Stuttgart
         Germany
         Tel: 0711/259729-0
         Fax: 0711/259729-999
         E-mail: info@hr-stuttgart.de
         Web site: www.hr-stuttgart.de

The District Court of Aalen opened bankruptcy proceedings against
Velly Mitte GmbH on Sept. 1, 2008.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Velly Mitte GmbH
         Sauerbachstr. 83
         73434 Aalen
         Germany


VILLA KARLSBAD: Claims Registration Period Ends Oct. 24
-------------------------------------------------------
Creditors of Villa Karlsbad GmbH have until Oct. 24, 2008, to
register their claims with court-appointed insolvency manager
Dr. Helmut Eisner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Dec. 4, 2008, at which time the
insolvency manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Crailsheim
         Hall 113
         First Floor
         Schillerstrasse 1
         74564 Crailsheim
         Germany

The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Helmut Eisner
         Josef-Schmitt-Strasse 10
         97922 Lauda-Koenigshofen
         Germany
         Tel: 09343/627590
         Fax 09343/3833

The District Court of Crailsheim opened bankruptcy proceedings
against Villa Karlsbad GmbH on Sept. 22, 2008.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Villa Karlsbad GmbH
         Beethovenstrasse 6
         74736 Hardheim
         Germany

         Attn: Hans-Dietrich Heindl, Manager
         Edelfinger Str. 6
         97980 Bad Mergentheim
         Germany


* S&P Junks Ratings on 27 Lehman-Exposed European CDO Transactions
------------------------------------------------------------------
Standard & Poor's Ratings Services has lowered and kept on
CreditWatch with negative implications its ratings on 27 tranches
from 21 synthetic collateralized debt obligation (CDO)
transactions.  The ratings on six tranches in one transaction
have been lowered and removed from CreditWatch negative.  In
addition, S&P kept the ratings on 12 single-tranche synthetic CDO
deals on CreditWatch negative.

At the same time, S&P has withdrawn some ratings for different
reasons across five separate deals, either because of lack of
information, or note redemption with no loss to noteholders, or
because of a direct ratings link to Lehman Brothers Holding Inc.
entities that are no longer rated.

A total of 39 deals are affected by these rating actions.

The downgrades follow S&P's review of Lehman-related synthetic CDO
transactions, where Lehman acts as either the credit support
provider or guarantor to various Lehman-related entities that act
as swap counterparty to the affected transactions.

S&P believes that those notes on which it has lowered its ratings
will not have enough funds to pay the principal balance and
accrued interest on liquidation of the relevant transaction.

The tranches with ratings remaining on CreditWatch negative
reflect S&P's opinion that the notes will be fully paid on the
liquidation of the transaction.  These notes benefited from both
subordinated swap termination payments and the requirement that
Lehman post collateral one period in advance on the coupon owed to
the notes.  Furthermore, S&P has not taken rating actions on
tranches where the proceeds from the liquidation of charged assets
and the provision for overcollateralization is not expected to be
lower than the principal of the notes.

Some transactions remain on CreditWatch negative while S&P
confirms the current status with the trustee.  These transactions
have features that differ from plain vanilla synthetic CDOs.
Depending on the information received from the trustee, it may
take further rating actions.  S&P does not rule out the withdrawal
of ratings if it does not receive the information required to
maintain the current ratings.

Once S&P receives final payment reports, if the notes on
CreditWatch negative experience a loss, it will lower them to 'D'.
However, if the notes are paid back in full, S&P will withdraw the
ratings.

Ratings lowered and remaining on CreditWatch Negative:

Jupiter Quartz Finance PLC

  -- EUR100 million and US$20 million credit-linked synthetic
     portfolio series 2004-2

AAA        CCC-/Watch Neg    AAA/Watch Neg
A          CCC-/Watch Neg    AAA/Watch Neg
B          CCC-/Watch Neg    AA/Watch Neg

Jupiter Quartz Finance PLC

  -- EUR80 million credit-linked synthetic portfolio notes series
     2004-01

A          CCC-/Watch Neg    AA+/Watch Neg
B          CCC-/Watch Neg    AA+/Watch Neg

Phoenix 2002-2 Ltd.

  -- EUR239 million credit-linked floating-rate notes

A          CCC-/Watch Neg    AAA/Watch Neg
B          CCC-/Watch Neg    AA+/Watch Neg
C          CCC-/Watch Neg    A/Watch Neg
D          CCC-/Watch Neg    BB+/Watch Neg

Saphir Finance PLC

  -- EUR20 million credit-linked synthetic portfolio notes series
     2004-2

B          CCC-/Watch Neg    AA/Watch Neg

Saphir Finance PLC

  -- EUR15 million credit-linked synthetic portfolio CDO notes
     (Richmond) series 2004-5

A          CCC-/Watch Neg    AA/Watch Neg

Saphir Finance PLC

  -- US$5 million Class A1 credit-linked synthetic portfolio notes
     series 2004-9 (Richmond)

A1         CCC-/Watch Neg    AA/Watch Neg


Saphir Finance PLC

  -- EUR7 million Class A2 credit-linked synthetic portfolio notes
     series 2004-9 (Richmond)

A2         CCC-/Watch Neg    AA/Watch Neg


Saphir Finance PLC

  -- EUR45.5 million credit-linked synthetic portfolio notes
     (Lennox II) series 2005-3 Class A

A          CCC-/Watch Neg    AA/Watch Neg

Saphir Finance PLC

  -- EUR40 million variable-rate credit-linked synthetic portfolio
     notes series 2005-7 (Tulip Lane)

           CCC-/Watch Neg    AA/Watch Neg

Saphir Finance PLC

  -- EUR15 million variable-rate credit-linked synthetic portfolio
     notes series 2005-7 Class A2 (Tulip Lane)

A2         CCC-/Watch Neg    AA/Watch Neg

Saphir Finance PLC

  -- US$25 million class A2 credit-linked synthetic portfolio
     notes series 2005-10

A2         CCC-/Watch Neg    AA/Watch Neg

Saphir Finance PLC

  -- EUR15 million class A1 credit-linked synthetic portfolio
     premium notes series 2006-2

A1         CCC-/Watch Neg    A/Watch Neg

Saphir Finance PLC

  -- US$10 million class A2 credit-linked synthetic portfolio
     vantage point notes series 2006-2

A2         CCC-/Watch Neg    BBB+/Watch Neg

Saphir Finance PLC

  -- EUR10 million Class A1 Oak Harbour credit-linked synthetic
     portfolio notes with a reserve coupon linked to the global
     large cap ethical index series 2006-3

A1         CCC-p/Watch Neg Di     ApA+i/Watch Neg
           CCC-p/Watch Neg NRi    CCC-p/Watch Neg Di

Saphir Finance PLC

  -- EUR20 million Class A3 Oak Harbour credit-linked synthetic
     portfolio notes with a reserve coupon linked to the global
     large cap ethical index series 2006-3

A3         CCC-p/Watch Neg Di    BBB+pA+i/Watch Neg
           CCC-p/Watch Neg NRi   CCC-p/Watch Neg Di


Saphir Finance PLC

  -- EUR15 million Class A4 Oak Harbour credit-linked synthetic
     portfolio notes with a reserve coupon linked to the global
     large cap ethical index series 2006-3

A4         Ap/Watch Neg Di     ApAi/Watch Neg
           Ap/Watch Neg NRi    Ap/Watch Neg Di

Saphir Finance PLC

  -- EUR25 million Spring Sand 10 years non-call 5 years step-up
     CMS credit-linked synthetic portfolio notes series 2006-6

           CCC-/Watch Neg    AA/Watch Neg

Saphir Finance PLC

  -- EUR15 million inflation and credit-linked synthetic variable
     coupon notes series 2007-9

           CCC-/Watch Neg    AA/Watch Neg

Topaz Finance Ltd.

  -- EUR50 million Tulip Lane CDO of CDO variable-rate credit-
     linked synthetic portfolio notes series 2005-1

           CCC-/Watch Neg    AA/Watch Neg

Topaz Finance Ltd.

  -- EUR15.94 million Tulip Lane CDO of CDO variable-rate credit-
     linked synthetic portfolio notes series 2005-2

           CCC-/Watch Neg    BBB-/Watch Neg

Topaz Finance Ltd.

  -- EUR10 million Artemis CDO of CDO Credit-Linked Synthetic
     Portfolio notes series 2008-1

           CCC-/Watch Neg    AAA/Watch Neg

Ratings lowered and removed from CreditWatch Negative:

Ruby Finance PLC

  -- EUR84.5 million class A-1 swap agreement and EUR67.5 million
     credit-linked synthetic portfolio notes series 2007-3

A-1        CC                AAAsrp/Watch Neg
A-2        CC                AAA/Watch Neg
B          CC                AA/Watch Neg
C          CC                A/Watch Neg
D          CC                BBB/Watch Neg
E          CC                BB/Watch Neg

Ratings remaining on CreditWatch Negative:

Saphir Finance PLC

  -- US$5 million class B1 credit-linked synthetic portfolio
     premium notes series 2006-2

B          A/Watch Neg

Saphir Finance PLC

  -- EUR24.8 million SPIRIT Class A Capital Protected CPPI notes
     series 2006-8

A            AAAp/Watch Neg

Saphir Finance PLC

  -- EUR25 million SPIRIT Class B Capital Protected CPPI notes
     series 2006-8

B          AAAp/Watch Neg

Saphir Finance PLC

  -- EUR15 million SPIRIT Class C Capital Protected CPPI notes
     series 2006-8

C           AAApNRi/Watch Neg

Saphir Finance PLC

  -- EUR40 million Spring Sand 10 years non-call 5 years step-up
     credit-linked synthetic portfolio notes series 2006-10

            A-/Watch Neg

Saphir Finance PLC

  -- EUR50 million credit-linked synthetic portfolio notes series
     2007-1

            A+/Watch Neg

Saphir Finance PLC

  -- EUR120 million LIBRA Capital protected CPPI notes series
     2007-2

            AAApNRi/Watch Neg

Saphir Finance PLC

  -- EUR16.5 million SPIRIT Capital Protected CPPI notes series
     2007-4

            AAApNRi/Watch Neg

Saphir Finance PLC

  -- EUR25 million SPIRIT capital protected CPPI notes series
     2007-6

            AAApNRi/Watch Neg

Saphir Finance PLC

  -- EUR254.5 million floating-rate notes series 2008-2

            A/Watch Neg

Saphir Finance PLC

  -- EUR1.28 billion floating-rate notes series 2008-4

            A/Watch Neg

Saphir Finance PLC

  -- EUR70.668 million floating-rate notes series 2008-5

            A/Watch Neg

Ratings withdrawn due to lack of information:

Saphir Finance PLC

  -- EUR20 million long/short leveraged super senior tranche notes
     series 2006-1

           NR                BB/Watch Neg

Saphir Finance PLC

  -- EUR77 million dynamic participation investment return
     obligation notes series 2006-11 (Antara Capital)

A          NR                BBB/Watch Neg

Ratings withrawn due to redemption:

Saphir Finance PLC

  -- EUR121.135 million floating-rate notes series 2008-3

A          NR                A/Watch Neg

Rating withdrawn due to direct ratings link to Lehman Brothers
Holding Inc.

Lehman Brothers Bankhaus AG

  -- EUR50 million Chablis credit-linked synthetic portfolio
     schuldschein

           NR                D

Saphir Finance PLC

  -- EUR10 million credit-linked synthetic portfolio notes (Lennox
     II) series 2005-3 Class C

C          NR                D


* KPMG Notes Effects of Market Turmoil on UK Transport Sector
-------------------------------------------------------------
Dr. Ashley Steel, Global Chair for Transport and Infrastructure at
KPMG, comments on the effects of the market turmoil on the
transport sector: "The aviation sector is already the hardest hit.
Airlines have been struggling for a while with high oil prices and
falling demand.  A global economic downturn will makes things even
more difficult and intensify the need for consolidation in the
airline sector.  However, the sector is facing a huge dilemma.  On
the one hand, more and more airlines realize they must merge in
order to survive.  On the other, they have to think about whether
an economic downturn is a good time to do so given the distraction
it will create.

But there are things that all airlines can and must do now, cut
back on capacity wherever possible, force through cost reduction
as quickly as possible and manage their cash effectively.  Low-
cost carriers are at an advantage as their business model is
better positioned to manage costs.  They just need to cut back on
capacity which a lot of them have already done.  Traditional
carriers are already moving closer to the low-cost model, but they
will need to do so even more rapidly.  In the long run the current
downturn will squeeze the gap between low-cost carriers and
traditional ones.

The effects for the shipping sector will be equally dramatic.
Freight rates in container shipping have rapidly declined and in
recent weeks we have been seeing a significant downturn in cargo
from China to the west.  This is happening against a background of
increased capacity coming on to the market.  The cost of debt to
finance ordered ships will further add to the cost burden of the
shippers.

Bus and rail companies tend to be counter-cyclical and have seen
an increase in revenues as cash-strapped travelers switch to
public transport.  However, as redundancies mount, especially in
high-density commuter areas, bus and rail companies will suffer a
loss of revenue.  In general, though, the sector is better
positioned as it is partially underpinned by government contracts
- in contrast to shipping or aviation.

In the UK we may now see a serious threat to important
infrastructure projects as the government diverts resources to
shore up the banking sector.  Existing transport infrastructure
such as airports and seaports are already seeing a reduction in
"fees and user charges" while costs remain static or increasing.
Interestingly, outside of the UK we might see an acceleration of
the privatization of public sector assets.  The CEE, for example,
might try to move forward plans to sell some of the state owned
transport assets in order to raise much needed funds for the
banking sector.  This could be a good time for the infrastructure
funds and sovereign wealth funds to strike some good deals.  We
might also see pension funds move to infrastructure as long term
investments as they seek safe havens from the turmoil of the
equity markets."

                   About KPMG LLP (UK)

KPMG LLP (UK) -- http://kpmg.co.uk/-- provides professional
services including audit, tax, financial and risk advisory.  KPMG
in the UK has over 10,000 partners and staff working in 22 offices
and is part of a strong global network of members firms. As part
of KPMG Europe it has merged with its German and Swiss firms,
making it the largest integrated accounting firm in Europe.


* KPMG Notes Impact of Credit Crunch on Global Shipping Sector
--------------------------------------------------------------
John Luke, KPMG's Global Head of Shipping comments on the impact
of the credit crunch on the sector: "The seizure of the credit
markets has lead to a tightening of the credit available for the
day to day operation of the sector - letters of credit, or trade
credit, required to finance individual cargos, has dried up
because of the financial sector crisis.

Even before the collapse of freight rates, questions were being
asked about the bankability of the new building order book.  Just
how much of the debt required to fund the orders could actually be
raised? Some might have viewed this as a necessary release of the
supply side pressure that has built up during the 'super cycle'.
While deposits would be lost and no doubt contractual disputes
generated in the shipping sector, the pain would inevitably be
shared with the yards.

But more worrying than all of this is the descending gloom around
the 'real economy'.  The first to fall was demand on the box
trades from the Far East as the western economies slowed. The cost
of shipping a container from China to Europe has fallen from
US$1300 to less than US$400 as the liner companies fight to fill
space in a market where the conferences can no longer influence
supply.

The next to crumble has been the dry bulk market.  The Baltic
index is at a 5 year low and, having hit close to US$250k per day
earlier in the year, the daily cost of chartering a capesize
vessel is now around a tenth of that, and still falling.  With
crude oil price and demand under pressure that sector may be next.

This slump in demand has caused announcements of container ship
and dry bulk lay-ups from some owners and applies more doubt on
the demand for future deliveries of new build.

So the super cycle may well have ended and yards, owners and
operators are again facing tough times.  The fact that you might
buy a brand new capesize now for less than half the price payable
a year ago, or for the equivalent of an ageing VLCC (oil tanker)
conversion, shows how the economics and asset values have changed.
Volatility and uncertainty have returned and only the most astute
and best resourced players will continue to prosper, or survive.
Whether in the paper (derivatives) or physical market, or in the
financing or delivery of new builds, counterparty risk is back.

Those with strong balance sheets and limited commitments, plus a
healthy time charter balance to credit worthy charter parties will
survive.  All should be addressing the efficiency of their supply
chain (including tax cost) and their management of working capital
– and not necessarily counting on the availability of their
undrawn facilities."


                      About KPMG LLP (UK)

KPMG LLP (UK) -- http://kpmg.co.uk/-- provides professional
services including audit, tax, financial and risk advisory.  KPMG
in the UK has over 10,000 partners and staff working in 22 offices
and is part of a strong global network of members firms. As part
of KPMG Europe it has merged with its German and Swiss firms,
making it the largest integrated accounting firm in Europe.


* PwC Suggests Three-Point Approach to UK Pension Management
-----------------------------------------------------------
With unprecedented market turbulence affecting pension scheme
financial health, businesses must take a more commercially-focused
approach to assessing and addressing their pension obligations and
risks, says PricewaterhouseCoopers LLP.

The firm suggests a three-point plan to help companies take
control of their pensions commitments.

First, businesses with defined benefit pension plans should treat
them as if they were business subsidiaries of the same value, and
allocate resources to the management of pension risk commensurate
with that approach.

Raj Mody, partner, PricewaterhouseCoopers LLP, commented: "If a
pension scheme was a business subsidiary of similar value, it
would be managed with regular management meetings and reporting, a
focus on ensuring the right skillsets and resources were deployed,
frequent review of risks, speedy implementation of decisions and
actions to improve the business.  Companies should extend this
approach to their UK pension schemes."

Second, pension scheme risks and financial assessments should be
expressed in measures relevant to the sponsoring company's
financial position, not just in terms of the pension scheme
position.  This means taking into account measures such as credit
rating, share price, profitability and balance sheet.

Raj Mody, partner, PricewaterhouseCoopers LLP, commented: "Looking
at a scheme's financial or risk position in isolation is not
meaningful – companies must relate this assessment back to how it
affects the sponsoring company's operation.

"If a pension scheme's funding ratio of assets to liabilities
drops by 20% but the company could write a check then and there
for the difference, it is not necessarily a matter for great
concern.  But if a 5% drop in pension scheme funding ratio would
wipe out the company's annual profitability, that matters."

Third, companies should take a more active role in establishing
pension scheme investment strategy.  Legislation should be amended
so this strategy has to be set with the formal agreement of the
sponsoring company and not just by the trustees in consultation
with the sponsor.

Raj Mody, partner, PricewaterhouseCoopers LLP, commented: "Funding
and investment strategy are two sides of the same coin – namely,
how much money is needed and what to do with that money.  Many
companies leave their scheme trustees to lead discussions on the
investment side of the equation meaning their scheme's risk to
reward balance is not always aligned with the business – to the
company's detriment if the strategy does not deliver.  In
addition, there may be efficiencies which can be extracted by
using skills within the company's own departments, such as
treasury, risk management and financing.

"While setting investment strategy remains the pension scheme
trustees' legal responsibility, more active company involvement
and intervention would help ensure strategies are appropriate to
that business."

             About PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP -- http://www.pwc.co.uk/-- provides
industry-focused assurance, tax and advisory services.  It has
more than 16,000 partners and staff in offices around the UK.


* BOND PRICING: For the Week Oct. 13 to Oct. 17, 2008
------------------------------------------------------
Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Republic of Austria       1.000    06/22/22     EUR      68.83

CYPRUS
------
Alfa MTN Iss              7.875    10/10/09     USD      74.43
Abh Financial Lt          8.200    06/25/12     USD      94.90
Alfa MTN Invest           9.250    06/24/13     USD      62.34

FRANCE
------
Alcatel S.A.              4.750    01/01/11     EUR      12.73
                          6.375    04/07/14     EUR      71.92
Altran Technologies S.A.  3.750    01/01/09     EUR      12.72
BNP Paribas               0.250    12/20/14     USD      73.35
Bouygues                  4.250    07/22/20     EUR      73.70
                          5.500    10/06/26     GBP      73.01
Calyon                    6.000    06/18/47     EUR      36.74
Credit Agricole           3.750    10/20/20     EUR      74.78
Soc Air France            2.750    04/01/20     EUR      18.51
Wavecom S.A.              1.750    01/01/14     EUR      19.21

GERMANY
-------
Bayer AG                  6.000    04/10/12     EUR     100.10
                          5.000    07/29/05     EUR      67.05

IRELAND
-------
Alfa Bank                 8.625    12/09/15     USD      72.35
Allied Irish Bks          5.625    11/29/30     GBP      63.45
                          5.250    09/10/25     GBP      66.90
Ardagh Glass              7.125    06/15/17     EUR     62.625
Banesto Finance Plc       6.120    11/07/37     EUR       6.12
Bank of Ireland           4.625    02/27/19     EUR      77.18
Bank Soyuz                9.375   02/16/10      USD      54.96

LUXEMBOURG
----------
Acergy SA                 2.250    10/11/13     USD      54.03
AK Bars Bank              8.250    06/28/10     USD      98.98
Alrosa Finance            8.875    11/17/14     USD      72.58
Bank of Moscow            7.335    05/13/13     USD      99.27
                          7.500    11/25/15     USD      54.87
                          6.807    05/10/17     USD      44.87
Beverage Pack             9.500    06/15/17     EUR      55.62
                          8.000    12/15/16     EUR      66.20
Breeze                    4.524    04/19/27     EUR      74.66

NETHERLANDS
-----------
ABN Amo Bank B.V.         4.650    06/04/18     USD      79.00
                          8.060    01/13/20     USD      30.50
                          6.000    03/16/35     EUR      54.55
Air Berlin Finance B.V.   1.500    04/11/27     EUR      25.02
ALB Finance BV            9.000    11/22/10     USD      37.34
                          8.750    04/20/11     USD      34.92
                          7.875    02/01/12     EUR      29.93
                          9.250    09/25/13     USD      34.89
Ardagh Glass Fin          8.875    07/01/13     EUR      74.12
Astana Finance            7.875    06/08/10     EUR      67.43
ATF Capital BV            9.250    02/21/14     USD      63.57
                          9.250    09/25/13     USD      47.33
Biopetrol Finance         4.000    02/21/12     EUR      47.50
BK Ned Gemeenten          0.500    06/27/18     CDN      66.49
                          0.500    02/24/25     CDN      45.98
Centercrdt Intl           8.625    01/30/14     USD      49.86
                          8.000    02/02/11     USD      97.53
JSC Bank Georgia          9.000    02/08/12     USD      66.54
Turanalem Fin BV          7.875    06/02/10     USD      98.54
                          6.250    09/27/11     EUR      72.29
                          7.750    04/25/13     USD      45.16
                          8.000    03/24/14     USD      37.16
                          8.500    02/10/15     USD      42.32
                          8.250    01/22/37     USD      47.13
                          8.250    01/22/37     USD      75.61

ROMANIA
-------
Bucharest                 4.125    06/22/15     EUR      75.61

RUSSIA
------
Sistema Capital           8.875    01/28/11     USD      74.45

SPAIN
-----
Auvisa                    4.790    12/15/27     EUR      70.30
Ayt Cedulas Caja          3.750    12/14/22     EUR      74.61
                          3.750    06/30/25     EUR      71.74
                          4.750    05/25/27     EUR      81.18

UKRAINE
-------
Azovstal                  9.125    02/28/11     USD      79.55

UNITED KINGDOM
--------------
Amlin Plc                 6.500     12/19/26    GBP      70.51
Anglian Water
  Finance Plc             2.400     04/20/35    GBP      47.51
Aspire Defence            4.670     03/31/40    GBP      59.21
                          4.670     03/31/40    GBP      59.17
Aviva Plc                 6.875     05/20/58    GBP      78.49
Bank Of India             6.625     09/22/21    USD      69.06
Barclays Bank Plc        11.650     05/20/10    USD      60.50
                          5.700     07/14/25    USD      67.98
                          5.750     09/14/26    GBP      79.17
Beazley Group             7.250     10/17/26    GBP      71.00
BL Super Finance          5.578     10/04/25    GBP      72.72
Bradford&Bin BLD          4.875     06/28/17    EUR      90.06
                          5.750     12/12/22    GBP       9.97
                          4.910     02/01/47    EUR      67.99
Brit Insurance            6.630     12/09/30    GBP      65.20
British Sky Broadcasting  6.000     0 5/21/27   GBP      75.57
Britannia Building
  Society                 5.875     03/28/33    GBP      64.24
                          5.750     12/02/24    GBP      67.40
British Land Co           5.005     09/24/35    GBP      71.37
British Tel Plc           5.750     12/07/28    GBP      74.96
Brixton Plc               6.000     09/30/19    GBP      77.67

Broadgate Finance         4.999     10/05/31    GBP      71.54
                          5.098     04/05/33    GBP      65.91
                          4.821     07/05/33    GBP      74.36
CGNU Plc                  6.125     11/16/26    GBP      68.46

                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Zora Jayda Zerrudo Sala, Pius Xerxes Tovilla, Joy
Agravante, Melanie Pador, Marie Therese V. Profetana and Peter A.
Chapman, Editors.

Copyright 2008.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *